<SEC-DOCUMENT>0001144204-13-049161.txt : 20130904
<SEC-HEADER>0001144204-13-049161.hdr.sgml : 20130904
<ACCEPTANCE-DATETIME>20130904114436
ACCESSION NUMBER: 0001144204-13-049161
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 26
CONFORMED PERIOD OF REPORT: 20130630
FILED AS OF DATE: 20130904
DATE AS OF CHANGE: 20130904
EFFECTIVENESS DATE: 20130904
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: AdvisorShares Trust
CENTRAL INDEX KEY: 0001408970
IRS NUMBER: 260636087
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-22110
FILM NUMBER: 131077130
BUSINESS ADDRESS:
STREET 1: 2 BETHESDA METRO CENTER
STREET 2: SUITE 1330
CITY: BETHESDA
STATE: MD
ZIP: 20814
BUSINESS PHONE: (202) 684-6383
MAIL ADDRESS:
STREET 1: 2 BETHESDA METRO CENTER
STREET 2: SUITE 1330
CITY: BETHESDA
STATE: MD
ZIP: 20814
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000026954
<SERIES-NAME>AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000081186
<CLASS-CONTRACT-NAME>AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000028107
<SERIES-NAME>AdvisorShares Accuvest Global Long Short ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000085638
<CLASS-CONTRACT-NAME>AdvisorShares Accuvest Global Long Short ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000028889
<SERIES-NAME>AdvisorShares Peritus High Yield ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000088572
<CLASS-CONTRACT-NAME>AdvisorShares Peritus High Yield ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000030071
<SERIES-NAME>AdvisorShares Cambria Global Tactical ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000092238
<CLASS-CONTRACT-NAME>AdvisorShares Cambria Global Tactical ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000030090
<SERIES-NAME>AdvisorShares Ranger Equity Bear ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000092409
<CLASS-CONTRACT-NAME>AdvisorShares Ranger Equity Bear ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000031214
<SERIES-NAME>AdvisorShares Madrona Domestic ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000096916
<CLASS-CONTRACT-NAME>AdvisorShares Madrona Domestic ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000031215
<SERIES-NAME>AdvisorShares Madrona International ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000096917
<CLASS-CONTRACT-NAME>AdvisorShares Madrona International ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000031216
<SERIES-NAME>AdvisorShares Madrona Global Bond ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000096918
<CLASS-CONTRACT-NAME>AdvisorShares Madrona Global Bond ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000031642
<SERIES-NAME>AdvisorShares Meidell Tactical Advantage ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000098432
<CLASS-CONTRACT-NAME>AdvisorShares Meidell Tactical Advantage ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000031813
<SERIES-NAME>AdvisorShares TrimTabs Float Shrink ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000099071
<CLASS-CONTRACT-NAME>AdvisorShares TrimTabs Float Shrink ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000033346
<SERIES-NAME>AdvisorShares Accuvest Global Opportunities ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000102436
<CLASS-CONTRACT-NAME>AdvisorShares Accuvest Global Opportunities ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000034128
<SERIES-NAME>AdvisorShares Global Echo ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000105188
<CLASS-CONTRACT-NAME>AdvisorShares Global Echo ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000034456
<SERIES-NAME>AdvisorShares STAR Global Buy-Write ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000105934
<CLASS-CONTRACT-NAME>AdvisorShares STAR Global Buy-Write ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000034883
<SERIES-NAME>AdvisorShares QAM Equity Hedge ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000107280
<CLASS-CONTRACT-NAME>AdvisorShares QAM Equity Hedge ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000035881
<SERIES-NAME>AdvisorShares Global Alpha & Beta ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000109984
<CLASS-CONTRACT-NAME>AdvisorShares Global Alpha & Beta ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000037519
<SERIES-NAME>AdvisorShares Pring Turner Business Cycle ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000115824
<CLASS-CONTRACT-NAME>AdvisorShares Pring Turner Business Cycle ETF
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001408970
<SERIES-ID>S000038247
<SERIES-NAME>AdvisorShares Newfleet Multi-Sector Income ETF
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117922
<CLASS-CONTRACT-NAME>AdvisorShares Newfleet Multi-Sector Income ETF
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>v352588_ncsr.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM N-CSR</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Investment Company Act file number<U>	811-22110</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AdvisorShares Trust	</U><BR>
(Exact name of registrant as specified in charter)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2 Bethesda Metro Center, Suite 1330</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Bethesda, Maryland 20814	</U><BR>
(Address of principal executive offices) (Zip code)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dan Ahrens</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2 Bethesda Metro Center, Suite 1330</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Bethesda, Maryland 20814	</U><BR>
(Name and address of agent for service)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code:<U>	1-877-843-3831</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of fiscal year end:<U> June 30</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of reporting period:<U> June 30, 2013</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form N-CSR is to be used by management
investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report
that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking
roles.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A registrant is required to disclose the
information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond
to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, <FONT STYLE="color: black">100 F
Street, NE, Washington, DC 20549</FONT>. The OMB has reviewed this collection of information under the clearance requirements of
44 U.S.C. § 3507.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1. Reports to Stockholders.</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The Report to Shareholders
is attached herewith.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 4mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> </P>
</DIV><DIV STYLE="width: 174mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="logo_advisorshares-bw.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"> <BR></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR> </P>
<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; line-height: 16pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST </H1>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>2 Bethesda Metro Center<BR> Suite 1330<BR> Bethesda, Maryland 20814<BR> www.advisorshares.com<BR> 877.THE.ETF1 </B></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR> </P>
<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; line-height: 16pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Annual Report </H1>
<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; line-height: 16pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013 </H1>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="TOC"></a>TABLE OF CONTENTS </H1>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tMDA">Manager’s Discussion and Analysis</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tMDA">1</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tHGIHP">Hypothetical Growth of a $10,000 Investment, Historical Performances</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tHGIHP">3</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSEE">Shareholder Expense Examples</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tSEE">32</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Schedules of Investments<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tAGLS">AdvisorShares Accuvest Global Long Short ETF (AGLS)</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tAGLS">34</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tACCU">AdvisorShares Accuvest Global Opportunities ETF (ACCU).</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tACCU">36</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tGTAA">AdvisorShares Cambria Global Tactical ETF (GTAA) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tGTAA">37</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tRRGR">AdvisorShares Global Alpha & Beta ETF (RRGR) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tRRGR">40</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tGIVE">AdvisorShares Global Echo ETF (GIVE).</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tGIVE">43</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tFWDD">AdvisorShares Madrona Domestic ETF (FWDD) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tFWDD">50</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tFWDB">AdvisorShares Madrona Global Bond ETF (FWDB) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tFWDB">69</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tFWDI">AdvisorShares Madrona International ETF (FWDI) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tFWDI">71</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tMATH">AdvisorShares Meidell Tactical Advantage ETF (MATH).</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tMATH">83</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tMINC">AdvisorShares Newfleet Multi-Sector Income ETF (MINC) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tMINC">85</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tHYLD">AdvisorShares Peritus High Yield ETF (HYLD) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tHYLD">99</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tDBIZ">AdvisorShares Pring Turner Business Cycle ETF (DBIZ) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tDBIZ">105</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tQEH">AdvisorShares QAM Equity Hedge ETF (QEH) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tQEH">108</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tHDGE">AdvisorShares Ranger Equity Bear ETF (HDGE).</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tHDGE">111</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tVEGA">AdvisorShares STAR Global Buy-Write ETF (VEGA) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tVEGA">115</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tTTFS">AdvisorShares TrimTabs Float Shrink ETF (TTFS) .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tTTFS">119</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tAADR">AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR).</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tAADR">126</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSAL">Statements of Assets and Liabilities.</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tSAL">130</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSO">Statements of Operations .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tSO">132</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSCNA">Statements of Changes in Net Assets .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tSCNA">136</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSCF">Statements of Cash Flows .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tSCF">142</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tFH">Financial Highlights.</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tFH">144</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tNCFS">Notes to Financial Statements .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tNCFS">152</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tRIRPAF">Report of Independent Registered Public Accounting Firm .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tRIRPAF">176</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tBTO">Board of Trustees and Officers (Unaudited)</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tBTO">177</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tBRIA">Board Review of Investment Advisory and Sub-Advisory Agreements .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tBRIA">178</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSUPI">Supplemental Information .</a></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1><a href="#tSUPI">183</a></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">[This page intentionally left blank.] </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> <a name="tMDA"></a>Manager’s Discussion and Analysis<BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Thank you for being a shareholder of AdvisorShares ETFs. Our goal is to allow investors access to what we believe are great portfolio managers with compelling investment strategies in an innovative format that provides transparency, intra-day liquidity, and an efficient operating structure. We are pleased to offer you our 2013 annual report. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As you can see from the chart below, we have continued to increase the number of ETFs we offer as well as our overall assets under management during this fiscal year. </P>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-linebar.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During this past year, we launched the following actively managed ETFs: </P>
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<TD STYLE="width: 24px; text-align: left">•</TD>
<TD STYLE="text-align: left">RRGR — AdvisorShares Global Alpha & Beta ETF (Fundamental Global Equity Strategy) </TD>
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<TD STYLE="width: 24px; text-align: left">•</TD>
<TD STYLE="text-align: left">QEH — AdvisorShares QAM Equity Hedge ETF (Long-Biased Long/Short Equity Strategy) </TD>
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<TD STYLE="width: 21px"></TD>
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<TD STYLE="text-align: left">VEGA — AdvisorShares STAR Global Buy-Write ETF (Multi-Asset Total Return Strategy) </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="text-align: left">DBIZ — AdvisorShares Pring Turner Business Cycle ETF (Multi-Asset Strategic Strategy) </TD>
</TR>
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<TD STYLE="text-align: left">MINC — AdvisorShares Newfleet Multi-Sector Income ETF (Multi-Sector Income Strategy) </TD>
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</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In June of 2013, the Board of Trustees made the decision to close the AdvisorShares Rockledge SectorSAM ETF (SSAM). We carefully review the entire AdvisorShares actively managed ETF suite on an ongoing basis, and determined that it was in the best interest of shareholders to close SSAM due to its performance and associated costs. As a leading innovator of actively managed ETFs, we remain steadfastly committed to providing a diversified line-up of alternative and core strategies to help investors realize their financial goals. </P>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-bar.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of June 30<sup>th</sup>, 2013, AdvisorShares offers the largest number of actively managed ETFs in the market. We continue to see investors utilize the strategies and potential benefits that active ETFs provide as a part of their overall asset allocation. We look forward to continue offering new innovative managers and strategies to the market place. We appreciate the trust and confidence that you, our shareholders, have given to us. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Best Regards, </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">/s/ Noah Hamman </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Noah Hamman<BR> CEO, AdvisorShares Investments </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>An investment in the Funds is subject to risk, including the possible loss of principal amount invested. ADRs are subject to the risk of change in political or economic conditions and exchange rates in foreign countries. Certain funds may participate in leveraged transactions to include selling securities short which creates the risk of magnified capital losses. Under certain market conditions, short sales can increase the volatility and decrease the liquidity of certain securities or positions, and may lower the Fund’s return or result in a loss. There is no guarantee that the individual Funds’ will achieve the
stated investment objectives. The risks associated with each Fund include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage.</I> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The views in this report were those of the Fund’s CEO as of June 30, 2013 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Accuvest Global Long Short ETF (AGLS) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The performance of world markets in fiscal 2013 has been a tale of two markets. The second half of 2012 was characterized by a general positive trend in world markets, coupled with strong performance by a broad group of countries. 2013 year to date has been exactly the opposite. The MSCI All Country World Index was up 6.05%, but only 3 countries in our universe (Japan, US, Switzerland) have outperformed the index. The average country is down over 2.60%, which creates a much more difficult environment for creating alpha in country selection. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Accuvest Global Long Short ETF (NYSE Arca: AGLS) performed at the lower end of our expectations for the strategy. This was due to three main factors: First, a significant underweight to US. Second, an overweight to emerging market countries, and Turkey in particular. Turkey suffered a large drawdown due to political unrest that started in mid-May. EM countries were only up 2.8% for the fiscal year, while the World index was up 18.58%. Third, from a factor perspective, the market was very narrow. A portfolio of countries with great fundamentals, strong momentum, and attractive valuations underperformed the
market dramatically. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As part of our long/short strategy, AGLS will use swaps to initiate positions in the short side of our book. The use of swaps has two main benefits to the fund: First, it allows us to initiate short positions where the underlying is not available to short. In Fiscal 2013, this was the case in Spain, Italy and Chile. Second, it allows us to decrease the cost of a short position. For example, the cost to short EWP (Spain) in summer of 2013 was close to 6% annualized. By entering in to a swap agreement to be short the MSCI Spain index, we were able to lower that borrow cost to just over 2% annualized. The use of swaps allows us to
increase our universe of short candidates, while potentially decreasing the costs of our short positions. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As we move forward in 2013, and in to 2014, we expect the narrow nature of the market (both in terms of return distribution as well as factor performance) to dissipate. This should create more a more favorable environment for country selection going forward. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Alpha</I></B><I> is one of the most widely used measures of risk-adjusted performance. The number shows how much better or worse a fund performed relative to a benchmark.</I> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>A <B>Swap</B> is the exchange of two securities, interest rates, or currencies for the mutual benefit of the exchangers.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tHGIHP"></a>HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period July 9, 2010* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-agls.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
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<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="54"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception<BR> 7/9/2010</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Long Short ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.53</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.66</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.89</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Long Short ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.74</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MSCI World Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include
expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 8.24% and the net expense ratio is 5.86%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
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<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
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<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
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<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Accuvest Global Opportunities ETF (ACCU) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The performance of world markets in fiscal 2013 has been a tale of two markets. The second half of 2012 was characterized by a general positive trend in world markets, coupled with strong performance by a broad group of countries. 2013 year to date has been exactly the opposite. The MSCI All Country World Index (ACWI) was up 6.05%, but only 3 countries in our universe (Japan, US, Switzerland) have outperformed the index. The average country is down over 2.60%, which creates a much more difficult environment for creating alpha in country selection. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Through the first 10½ months of the year, the AdvisorShares Accuvest Global Opportunities ETF (NYSE Arca: ACCU) was in line with the ACWI benchmark. However, in the last 6 weeks, the portfolio underperformed the benchmark. This was for 3 main reasons: First, a significant underweight to the US. Because our maximum portfolio weight to any single country is 25% in this portfolio, and the US has a benchmark weight north of 45%, we are always going to be structurally underweight the US. Second, we had a significant underweight in Turkey, which suffered a large drawdown due to political unrest. Third, from a factor
perspective, the market was also very narrow. In particular, risk factors were the most heavily rewarded during the year. A portfolio of countries with great fundamentals, strong momentum, and attractive valuations underperformed the market dramatically. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As we move forward in 2013, and in to 2014, we expect the narrow nature of the market (both in terms of return dispersion as well as factor performance) to dissipate, and create a more favorable environment for country selection. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period January 25, 2012* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-accu.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
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<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 1/25/2012</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Opportunities ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.66</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-7.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-6.94</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.71</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Opportunities ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.73</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-7.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-5.94</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MSCI AC World Index ex USA</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.27</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.79% and the net expense
ratio is 1.77%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MSCI AC World Index ex USA is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">6</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Cambria Global Tactical ETF (GTAA) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Cambria Global Tactical ETF (NYSE Arca: GTAA) was incepted on October 26, 2010. For the period from July 1, 2012 through June 30, 2013, GTAA had a return of 2.68%. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">While it underperformed the S&P 500 Index, GTAA is a broadly diversified ETF that includes other asset classes beyond domestic equities, such as commodities, international equities, fixed income, and real estate. We believe that GTAA, over full market cycles, can provide its benefit in declining markets by assuming a defensive posture and utilizing cash as an alternative to its long positions. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Typically, volatile markets will have a negative impact on fund performance while trending markets will have a positive impact on fund performance. We have witnessed both markets during the fiscal year ended June 30, 2013, and thus positive and negative impacts to the performance of the fund across various holdings. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period October 26, 2010* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-gtaa.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="277"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="66"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 10/26/2010</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Cambria Global Tactical ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.74</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.53</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Cambria Global Tactical ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.53</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>S&P 500 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is
1.41%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Global Alpha & Beta ETF (RRGR) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Global Alpha & Beta ETF (NYSE Arca: RRGR) NAV gained 4.07% for the six months ended June 30, 2013 and 9.16% since inception (July 10, 2012). The S&P 500 Index (a benchmark most fund holders will easily relate to) gained 13.82% for the first six months of 2013. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">RRGR has generally lagged behind the S&P 500 Index for several reasons including underestimating the domestic market’s ability to rally in the face of subpar economic results when compared to past recoveries. It would have been better to have had more exposure to domestic equities earlier on. We have increased that exposure in recent weeks. Also acting as a drag has been the remarkable divergence this year between domestic equities and emerging market equities and to a lesser extent foreign developed markets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The concept of global investing is clearly still valid but is subject to periods of both outperformance and underperformance and unfortunately this has been a period of underperformance. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period July 10, 2012* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-rrgr.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="296"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="66"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception<BR> 7/10/2012</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Alpha & Beta ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Alpha & Beta ETF Market<BR> Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.09</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.79</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>S&P 500 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22.37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.72% and the net expense
ratio is 1.40%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">8</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Global Echo ETF (GIVE) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Global Echo ETF (NYSE Arca: GIVE) gained 7.54% from July 1, 2012 through June 30, 2013 on a Net Asset Value basis, and 7.43% during the same period on a Market Value basis. GIVE is a broadly diversified ETF that includes an active tactical strategy that can invest in inverse and bear market ETFs to potentially profit from market downturns, thus dampening overall portfolio volatility. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At inception (May 23, 2012), assets were divided equally among the four portfolio management teams which manage various strategies for GIVE. In the wake of the summer months’ strong equity returns, a decision was made to rebalance back to the initial allocation of 25% to each manager, which went into effect on November 1, 2012. No additional rebalancing moves were made. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Reflecting the market conditions, the equity managers delivered strong returns for the one-year period ending June 30, 2013, whereas the fixed income segment of the portfolio suffered slight losses. The long-short strategy posted a small but positive return. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We believe that over full market cycles, GIVE will achieve competitive risk-adjusted returns by actively adjusting from more defensive to more opportunistic positions. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>An inverse ETF or “bear ETF”</I></B><I> is an ETF that is constructed by using various derivatives for the purpose of profiting from a decline in the value of an underlying benchmark.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period May 23, 2012* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-give.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="232"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception<BR> 5/23/2012</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Echo ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.84</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Echo ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MSCI World Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barclays Capital U.S. Aggregate<BR> Bond Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.32</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is
1.70%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not </I></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-indent: 0pt; text-align: left; font: normal italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 3pt 0pt 3pt 4px; text-transform: none">annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831. </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">10</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Madrona Domestic ETF (FWDD) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Madrona Domestic ETF (NYSE Arca: FWDD) outperformed the S&P 500 Index benchmark by nearly 8.0% for the fiscal year ending June 30, 2013. FWDD gained 28.37% on a Net Asset Value basis, and 28.52% on a Market Price basis, compared to a gain of 20.60% for the S&P 500 Index. Outperformance was seen in each of the 10 sectors including significant outperformance in Information Technology, Energy, Financials, and Consumer Discretionary. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">U.S. Equities valuations have rapidly reverted to long-term historical averages in 2013 due to the rapid growth of prices. Investors took advantage of price increases across the board in the U.S. Equities space thus far in 2013 as stock market barometer indices continue to break all-time highs. As we move forward we believe that qualitative investing will be necessary to take advantage of opportunities in the market. We feel FWDD by nature is positioned to take advantage of these undervalued opportunities, while maintaining a material allocation to each sector and a broadly balanced diversified portfolio overall. Because price
to earnings ratios do not paint the whole picture to evaluate a stock, the strategy incorporates the forward-looking long-term growth of earnings to rank each security within the basket. Additionally, companies with no or negative growth of earnings are eliminated from the portfolio. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Price to earnings (P/E) ratio</I></B><I> is a valuation ratio of a company's current share price compared to its per-share earnings.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period June 21, 2011* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-fwdd.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="242"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="53"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="53"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="53"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 6/21/2011</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Domestic ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28.37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Domestic ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28.52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>S&P 500 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.46% and the net expense
ratio is 1.25%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Madrona Global Bond ETF (FWDB) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Madrona Global Bond ETF (NYSE: Arca: FWDB) performed better than the Barclays Capital U.S. Aggregate Bond Index benchmark by 0.56% for the fiscal year ending June 30, 2013 despite a slightly negative price return for the period. FWDB gained 0.20% on a Net Asset Value basis, and lost -0.13% on a Market Price basis, compared to a loss of -0.69% for the Barclays Capital U.S. Aggregate Bond Index. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The bond market has continued to slide in 2013 as yields have dramatically risen as fears over Bernanke’s comments on improvements in the economy sparked a sell-off. Opportunities in overbought sectors such as U.S. High Quality Corporate and U.S. High Yield Corporate bonds have quickly diminished as a whole. This slide however has created opportunity in oversold portions of the market including Emerging Market Sovereign Debt and Emerging Market Corporate Debt as these areas continue to have some of the strongest balance sheets in the world. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There remains significant money on the sidelines in Certificates of Deposits (CDs), money markets and U.S. Treasuries and we expect as rates begin to normalize the bond market will rebound. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period June 21, 2011* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-fwdb.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="253"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 6/21/2011</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Global<BR> Bond ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.94</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.84</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Global Bond ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barclays Capital U.S. Aggregate Bond Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.32</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.30% and the net expense
ratio is 1.26%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">13</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Madrona International ETF (FWDI) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Madrona International ETF (NYSE Arca: FWDI) performed well for the fiscal year ending June 30, 2013 despite trailing its MSCI EAFE Index benchmark for the period. FWDI gained 15.24% on a Net Asset Value basis, and 14.86% on a Market Price basis, compared to a gain of 18.62% for the MSCI EAFE Index. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The portfolio has been hindered by a poor 1<sup>st</sup> half of 2013 in Emerging Markets which has accounted for much of the portfolio’s underperformance against the benchmark, since the MSCI EAFE Index does not hold Emerging Market positions. Our research points to attractive valuations in Emerging Market positions against their Developed Market counterparts and we believe this portion of the portfolio to provide a valuable upside moving forward. We believe FWDI by nature is positioned to take advantage of opportunities across the International equity space, while maintaining a broad mix of holdings across both developed
and emerging markets. As of the fiscal year-end, FWDI has exposure to 37 ex-U.S. countries, of which 12 of them are considered emerging markets. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period June 21, 2011* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-fwdi.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="242"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="53"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="53"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="53"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 6/21/2011</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona International ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona International ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.86</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MSCI EAFE Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.19</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.54% and the net expense
ratio is 1.25%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I></P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">14</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Meidell Tactical Advantage ETF (MATH) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Meidell Tactical Advantage ETF (NYSE Arca: MATH) gained 13.81% for the year ending June 30, 2013 while the S&P 500 Index gained 20.60% over the same period. The fund began the period being primarily out of the stock market following the May 2012 decline, however, the fund’s reentry signals did not allow the fund to become reinvested until early August 2012. As a result, the fund did not participate in the market rally during the July to early August time period which put its performance at a disadvantage for the year. However, the fund’s reallocation to U.S. small-caps and foreign equities in the
fall allowed the fund to make up for some lost ground. Another timely move by the fund was the reallocation away from foreign equities in early February and into a U.S. equity concentrated portfolio. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Although the fund’s reallocation to the safety of bonds and cash have at times caused the fund to underperform the S&P 500 Index, since the fund’s launch, the portfolio has achieved a beta of 0.40 while generating an alpha of 1.26. The fund is designed to outperform the stock market over a complete market cycle by avoiding large drawdowns through a unique fund selection process designed to overweight outperforming assets classes while under weighting or eliminating those that are underperforming. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Alpha</I></B><I> is one of the most widely used measures of risk-adjusted performance. The number shows how much better or worse a fund performed relative to a benchmark.</I> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Beta</I></B><I> is the measure of an asset's risk in relation to the market.</I> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Drawdown</I></B><I> is the peak-to-trough decline during a specific record period of an investment or a fund.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period June 23, 2011* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-math.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="253"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 6/23/2011</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Meidell Tactical Advantage ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.59</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Meidell Tactical Advantage ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.39</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>S&P 500 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 3.92% and the net expense
ratio is 1.58%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are </I></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-indent: 0pt; text-align: left; font: normal italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 3pt 0pt 3pt 4px; text-transform: none">not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">16</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Newfleet Multi-Sector Income ETF (MINC) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Newfleet Multi-Sector Income ETF (NYSE Arca: MINC) incepted on March 19, 2013, so it has less than one full year of operational history. Performance in the fund as of June 30, 2013 was slightly ahead of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. Since inception, MINC lost -1.42% on a Net Asset Value basis and -1.48% on a Market Price basis, compared with a loss of -2.24% for the Barclays Capital U.S. Aggregate Bond Index. The Fund’s strong relative performance compared to the bond market was due to the fund’s allocation to high yield bank loans and residential mortgage backed
securities. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">High yield bank loans benefited from a combination of factors including solid fundamentals, shorter duration, low interest rate sensitivity, low defaults, and relative yield advantage to other fixed income sectors. Bank loan technicals were particularly strong during the quarter with heavy flows into mutual funds, strong Collateralized Loan Obligation (CLO) formation, and a thin forward calendar. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The funds allocation to residential mortgage backed securities contributed to performance as demand stemming from the need to reinvest pay downs and limited new supply coupled with improving housing metrics, short duration, and firm credit fundamentals were cause for outperformance during the quarter. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Over the quarter, we continued to invest cash, primarily focusing on the addition of bank loans, corporate high yield bonds, and commercial mortgage backed securities, seeking to take advantage of higher yields and wider spreads. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Duration</I></B><I> is the change of a fixed income security that will result from a 1% change in interest rate.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period March 19, 2013* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-minc.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="400"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="50"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 3/19/2013</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Newfleet Multi-Sector Income ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Newfleet Multi-Sector Income ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.48</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barclays Capital U.S. Aggregate Bond Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.32</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.77% and the net expense
ratio is 0.75%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are </I></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">17</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-indent: 0pt; text-align: left; font: normal italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 3pt 0pt 3pt 4px; text-transform: none">not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">18</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Peritus High Yield ETF (HYLD) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Peritus High Yield ETF (NYSE Arca: HYLD) gained 12.58% for the period July 1, 2012 to June 30, 2013. From the summer of 2012 up until mid-May of 2013, the High Yield bond market saw steady run-up in prices, pushing yields to all-time lows in early May. HYLD outpaced the index as well as the large index-based High Yield ETFs during this period as many of the names in our portfolio more than caught up with the on-the-run names that had rallied in previous months. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In mid-May 2013, the market’s focus shifted to comments from the Fed and expectations for rising rates, at which time flows reversed and High Yield spreads widened. However, despite this backup, HYLD fared reasonably well as a result of its lower average duration and active management process. With our emphasis on credit selection and a more focused portfolio, HYLD has continued to experience lower volatility (as measured by standard deviation) relative to the index-based high yield ETFs. With active management, Peritus undertakes the fundamental work necessary to determine the credits’ viability and return prospects.
We believe that this intensive research process, along with the potential yield advantage offered by HYLD, positions us well for the year ahead. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Duration</I></B><I> is the change of a fixed income security that will result from a 1% change in interest rate.</I> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Standard Deviation</I></B><I> is applied to the annual rate of return of an investment to measure the investment's volatility. Standard deviation is used by investors as a gauge for the amount of expected volatility.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period December 1, 2010* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-hyld.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="269"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 12/1/2010</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Peritus High Yield ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.89</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Peritus High Yield ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.64</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barclays U.S. Corporate High Yield Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is
1.35%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">19</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
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<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Barclays U.S. Corporate High Yield Index is an unmanaged index considered representative of the universe of U.S. fixed rate, non investment grade debt. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">20</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Pring Turner Business Cycle ETF (DBIZ) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Pring Turner Business Cycle ETF (NYSE Arca: DBIZ) NAV gained 2.21% for the six months ended June 30, 2013 and 1.84% since inception December 18, 2012. The S&P 500 Index gained 13.82% for the first six months of 2013. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The fund has a pro-active asset allocation and sector rotation strategy designed to adapt to the ever-changing economy and financial markets that move through both good and bad cycles. During the course of a typical business cycle, the three main asset classes: bonds, stocks and commodities experience a cyclical peak and trough. This results in six turning points or “Stages”, each of which offers a different environment for optimum asset allocation. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Near fund inception and early in 2013 our business cycle stage work moved to “Stage 4” as defined by our proprietary barometers. This stage places us in the more inflationary part of the business cycle and one that historically is unfavorable towards bonds but favors stocks in the industrial, material, energy and metal sectors. So far in the current stage, performance has been somewhat uneven as certain energy and industrials themes in the portfolio have done well while the material and metal sectors have so far underperformed. The fund is continuously re-shaped to take into account the current stage while also
incorporating the fund manager’s intermediate term market outlook. Another feature of the fund is to focus exposure on higher quality companies showing good value and generating dividend income as an important layer of risk management. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The combination of a top down process (business cycle analysis) with bottom up individual security selection (fundamental analysis) strives to provide solid upside potential with many layers of risk management. DBIZ is designed as a core total return multi-asset fund for conservative investors. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period December 18, 2012* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-dbiz.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
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</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception<BR> 12/18/2012</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Pring Turner Business Cycle ETF<BR> NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.93</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.84</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Pring Turner Business Cycle ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.89</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>S&P 500 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.63% and the net expense
ratio is 1.62%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are </I></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">21</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-indent: 0pt; text-align: left; font: normal italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 3pt 0pt 3pt 4px; text-transform: none">not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">22</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares QAM Equity Hedge ETF (QEH) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares QAM Equity Hedge ETF (NYSE: Arca: QEH) incepted on August 7, 2012, so it has less than a full year of operational history. QEH has returned 5.57% on a Net Asset Value basis and 5.36% on a Market Price basis since inception. Performance in the fund was slightly behind our benchmark, the HFRI Equity Hedge (Total) Index, but was still within the range of expectations for the strategy. As a hedge fund tracking product, our fund attempts to mirror the aggregate exposures of a global long/short equity hedge fund universe. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our model has shown that the hedge funds have been cautiously optimistic during the 2013 rebound, and being globally represented, there have been slower recoveries overseas that have kept many of these managers from euphoria. We believe that as the US economy regains its pre-crisis strength, foreign developed and emerging markets will lead our returns higher. QEH is a diversified and moderately net exposed portfolio providing a lower volatility approach to global equity markets that we believe can produce superior risk adjusted returns over time. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">QEH utilized swaps for two primary purposes: First, to gain access to market indices and ETFs that did not trade in the U.S. Second, to gain access to some niche areas where our individual positions would have been very small and where the smaller positions would have increased our overall position count. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The qualitative impact to overall performance for QEH, we believe, has been positive, as we have been able to gain exposure to markets that are needed for QEH to more closely track the HFRI Equity Hedge Index. Without these exposures, our tracking error would be larger. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>A</I> <B><I>Swap</I></B> <I>is the exchange of two securities, interest rates, or currencies for the mutual benefit of the exchangers.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period August 7, 2012* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-qeh.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception<BR> 8/7/2012</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares QAM Equity Hedge ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.09</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares QAM Equity Hedge ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.39</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.73</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HFRI Equity Hedge Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.39</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD ROWSPAN="1" COLSPAN="1" STYLE="vertical-align: text-bottom; text-align: right"> N/A</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->***</TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is
1.64%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not </I></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">23</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<P STYLE="text-indent: 0pt; text-align: left; font: normal italic 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 3pt 0pt 3pt 4px; text-transform: none">annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">***</TD>
<TD STYLE="text-align: left">Benchmark performance available on a month-end basis only. For the period 8/31/2012 through 6/30/2013, the HFRI Equity Hedge Index returned 9.10%.</TD>
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</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The HFRI Equity Hedge Index is a fund-weighted index of select hedge funds focusing on Equity Hedge strategies. Equity Hedge investing consists of a core holding of long equities hedged at all times with short sales of stocks and/or stock index options. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">24</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares Ranger Equity Bear ETF (HDGE) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares Ranger Equity Bear ETF (NYSE: ARCA: HDGE) lost -30.69% on a Net Asset Value basis and -30.76% on a Market Price basis in the one year period ending June 30, 2013, compared with a gain of the S&P 500 Index of 20.60%. As a short-only investment vehicle HDGE seeks to outperform peers and relevant benchmarks on a relative basis during bull markets. During down markets and/or highly volatile market conditions characterized by fear and uncertainty, HDGE seeks to generate positive results and outperform peers and relevant benchmarks on both a relative and absolute basis. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">After the commencement of the Fund’s fiscal year (July 1, 2012), the Federal Reserve began a new phase of quantitative easing, which pushed the market moderately higher. Market sentiment remained overly bullish, while market volume was largely anemic, creating a bearish divergence for the move. Expected changes in tax policy pushed many high dividend paying stocks lower. However, the HDGE managers avoid shorting high dividend paying securities unless they believe there is a strong possibility of a dividend cut, partially leading to an under-performance. By the beginning of the third fiscal quarter (January 1, 2013),
sentiment had reached extremes and HDGE out-performed as many of its holdings announced quarterly results that were below expectation. In the quarter beginning April 1, 2013, mid-capitalization stocks rebounded, which led to under-performance regarding HDGE’s focus on shorting large cap securities. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period January 27, 2011* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-hdge.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="251"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="67"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 1/27/2011</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Ranger Equity Bear ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-9.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-11.74</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-30.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-16.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Ranger Equity Bear ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-9.67</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-11.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-30.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-16.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>S&P 500 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.66</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is
3.30%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">25</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">26</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares STAR Global Buy-Write ETF (VEGA) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares STAR Global Buy Write ETF (NYSE Arca: VEGA) was incepted on September 17, 2012. For the period from inception through June 30, 2013, VEGA had a return of -4.80%. While it underperformed the MSCI World Index over this same period, VEGA is a broadly diversified ETF that includes other asset classes beyond domestic equities, such as precious metals, international equities, fixed income, and real estate. We believe that VEGA, over full market cycles, can provide its benefit in declining markets by harnessing volatility in the form of earned option premiums from covered calls and cash-secured puts, and utilizing
cash as a strategic asset intended to be reinvested when levels of implied volatility on its constituent ETFs is higher than average. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">VEGA sells covered call options on some or all of its ETF positions. In addition, cash secured puts are utilized on the Fixed Income ETFs when deemed appropriate in lieu of being long the ETF and selling covered calls. The fund also purchases out of the money put options when deemed inexpensive to do so. Options are utilized to generate income and help control risk. All options utilized are exchange traded. They included covered calls, cash secured puts, and long puts. Option strategies utilized by the fund are designed to minimize the risk of the overall portfolio. They are not utilized for speculation. Options currently
represent approximately 3% of the fund value. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The period from inception through June 30, 2013 was characterized by large positive performance and low volatility in U.S. equity markets, and weakness in other asset classes, notably precious metals, emerging market equities, and fixed-income securities. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Typically, VEGA will benefit from volatile markets while participating less in strongly trending markets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have witnessed primarily the latter during the fiscal year ended June 30, 2013. Thus, while appreciating prices in the U.S. equity-based ETFs held in the Fund have had a positive impact on performance, this was offset by the relatively larger declines in other, non-equity ETFs. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>An</I> <B><I>option</I></B> <I>is a privilege, sold by one party to another that gives the buyer the right, but not the obligation, to buy (call) or sell (put) a stock at an agreed upon price within a certain period or on a specific date. A covered call option</I> <I>involves holding a long position in a particular asset, in this case shares of an ETP, and writing a call option on that same asset with the goal of realizing additional income from the option premium. A put option</I> <I>is a contract that gives the owner of the option the right to sell a specified amount of the asset underlying the option at a specified price
within a specified time.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period September 17, 2012* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-vega.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="316"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 9/17/2012</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares STAR Global Buy-Write ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.48</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares STAR Global Buy-Write ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-5.14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-4.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MSCI World Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">27</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include
expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 2.01%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
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<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
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<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
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<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">28</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares TrimTabs Float Shrink ETF (TTFS) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares TrimTabs Float Shrink ETF (NYSE Arca: TTFS) delivered a return of 20.28% in the first half of 2013, outperforming the S&P 500 Index by 6.46% and the Russell 3000 Index by 6.22%. TTFS outperformed both benchmarks in five of the past six months. Moreover, the ETF lost only -1.75% from May 22 through June 30, which is less than half of the losses on the S&P 500 Index or high dividend yield stocks. TTFS delivered attractive returns both before and after Fed Chairman Bernanke made a vague reference in June to the fact that the Fed will ease back on its quantitative easing program in the event that economic
data improves- what became known as “tapering.” </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information Technology and Consumer Discretionary have the largest weights in the fund, and they were also the main drivers of the fund’s outperformance in June of 2013. Companies such as Gamestop (GME), Time Warner Cable (TWC), and Heartland Payment Systems (HPY) all delivered double-digit returns. Their equity float shrank an average of 5.90% in the first half of this year, while the overall float of the U.S. equity market expanded 2.05%. The performance of T-Mobile, one of the two companies the fund holds in Telecommunications (the other is AT&T), also showed the power of float shrink. T-Mobile’s equity float
plunged 43.26% as a result of the merger with MetroPCS. After falling 30.24% on May 1 after the merger, the stock has gained 50.18% since. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period October 5, 2011* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-ttfs.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="265"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 10/5/2011</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares TrimTabs Float Shrink ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares TrimTabs Float Shrink ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.19</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Russell 3000 Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26.14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:20px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.34% and the net expense
ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 11pt; font-size: 9pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">29</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (NYSE Arca: AADR) returned 14.30% from July 1, 2012 to the period ended June 30, 2013, underperforming the MSCI EAFE Index which returned 18.62%. (MSCI EAFE is an index and does not include management fees, which would reduce the underperformance of AADR). </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Essentially all of AADR’s underperformance for the fiscal year ended June 30, 2013 occurred during the last six months of 2012. It began with anticipation of additional quantitative easing (QE) from the Federal Reserve, along with similarly accommodative actions from the European Central Bank, which drove the market higher, particularly in those areas to which AADR is least exposed. The Financials sector, the largest in the EAFE (and AADR’s single largest relative underweight position) was the best performer, finishing the calendar year with a 33.40% return, almost twice the index. In hindsight, this Financials run-up
was not out of the blue: a good number of companies went into 2012 trading at discounts to book value that implied near-death circumstances. But with much of the worst-case scenario taken off the table (and much of the multiple expansions having taken place), we didn’t expect this environment to persist, and that turned out to be the case: the rally in banking shares and lower quality stocks evaporated early in 2013. A return to quality began, and was particularly notable in emerging markets (EM). To wit, even though one of the biggest stories of the first half of 2013 was how EM in general lagged developed markets (DM), quality EM companies (e.g., consumer) were a bright spot. Overall, these aspects of the environment were strong positives for the AADR’s style and performance in the first six months of 2013. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During wide ranging market environments like the last fiscal year, it’s tempting to obsess over the latest analysis on the European banking crisis, the slowdown in China, or the deteriorating growth conditions in the U.S. Let us suggest, though, that instead of that, WCM focused on exercising sound investment temperament and steadfastly remaining true to its investment process. As a result, once the credit-fueled rally of late 2012 played out, AADR did well. We believe more investors may choose this alpha-producing AADR over other index-based options especially when the market turns down, and when lower quality stocks are
likely to see lackluster returns or, worse, significant declines. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Alpha</I></B><I> is one of the most widely used measures of risk-adjusted performance. The number shows how much better or worse a fund performed relative to a benchmark.</I> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HYPOTHETICAL GROWTH OF $10,000 INVESTMENT<BR> For the period July 21, 2010* to June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v352588_chrt-aadr.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"> </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HISTORICAL PERFORMANCE<BR> Total Return as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="265"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="62"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3 Month</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year<BR> to Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1 Year</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Since Inception 7/21/2010</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF NAV</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF Market Price**</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.19</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-1.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MSCI EAFE Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-0.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BNY Mellon Classic ADR Index</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-3.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>-2.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">30</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include
expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 4.17% and the net expense ratio is 1.25%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding the net expense ratio. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.</I> </P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">**</TD>
<TD STYLE="text-align: left">The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. One cannot invest directly in an index. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The BNY Mellon Classic ADR Index combines the over the counter (OTC) traded ADRs with exchange-listed ADRs bringing transparency to the available universe of American Depositary Receipts, including those issued by many of the world's premier companies. One cannot invest directly in an index. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">31</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST</H2>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSEE"></a>Shareholder Expense Examples </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a shareholder of the Fund, you incur transaction cost and ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an initial investment of $1,000 invested at January 1, 2013 and held for the period ended June 30, 2013. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Actual Expenses </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses attributable to your account during this period. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Hypothetical Example for Comparison Purposes </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. You may use this information to compare the ongoing costs of investing in the Funds and other ETF funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder
reports of the other funds. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In addition, if these transactional costs were included, your costs would have been higher. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="296"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund Name</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Beginning Account Value<BR> 1/1/2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Ending Account Value<BR> 6/30/2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Annualized Expense Ratio for the Period<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Expenses Paid</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Long Short ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>971.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,017.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>AdvisorShares Accuvest Global Opportunities ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>942.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Cambria Global Tactical ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>977.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Alpha & Beta ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,044.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Echo ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,059.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.66</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,017.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">32</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST</H2>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Shareholder Expense Examples (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="296"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund Name</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Beginning Account Value<BR> 1/1/2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Ending Account Value<BR> 6/30/2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Annualized Expense Ratio for the Period<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Expenses Paid</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Domestic ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,172.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.73</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Global Bond ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>959.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,020.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona International ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,013.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Meidell Tactical Advantage ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,105.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>AdvisorShares Newfleet Multi-Sector Income ETF<sup>(2)</sup><BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>985.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.75</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,011.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.75</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Peritus High Yield ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,049.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Pring Turner Business Cycle ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,022.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,017.41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares QAM Equity Hedge ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,028.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,017.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares Ranger Equity Bear ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>882.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,016.81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares STAR Global Buy-Write ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>959.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.85</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,015.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.85</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares TrimTabs Float Shrink ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,210.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,019.89</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actual</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,049.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypothetical (assuming a 5% return before expenses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,018.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Expense ratios reflect expense caps through the period ended June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(2)</TD>
<TD STYLE="text-align: left">Fund commenced operations on March 19, 2013. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 103/365 (to reflect commencement of operation). </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">33</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tAGLS"></a>ADVISORSHARES<BR> ACCUVEST GLOBAL LONG SHORT ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 98.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 98.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Core S&P 500 ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,836</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,353,971</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares India 50 ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>97,633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,178,192</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Austria Capped Investable Market Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>171,568</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,786,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Germany Index Fund<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>214,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,294,050</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Japan Index Fund<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>955,159</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,716,884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI South Korea Capped Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,374,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Sweden Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>67,616</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,015,633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Thailand Capped Investable Market Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,832</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,281,302</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares MSCI Turkey Investable Market Index Fund<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>152,135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,003,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investments Before Securities Sold, Not Yet Purchased<BR> (Cost $42,905,881)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,004,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Securities Sold, Not Yet Purchased<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — (21.6)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — (21.6)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI ACWI Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(27,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Brazil Capped Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35,508</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,557,381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Canada Index ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(44,124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,156,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares MSCI Chile Capped Investable Market Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(95,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,133,717</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Securities Sold, Not Yet Purchased [Proceeds<BR> Received $(10,330,008)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(9,197,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments Net of Securities Sold, Not Yet Purchased — 77.1%<BR> (Cost $32,575,873)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,807,241</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities — 22.9%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,765,305</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>42,572,546</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of this security has been segregated as collateral for security sold, not yet purchased. The aggregate market value of the collateral posted was $6,714,458 at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">All or a portion of this security has been segregated as collateral for swap contracts. The aggregate market value of the collateral posted was $5,340,045 at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">34</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> ACCUVEST GLOBAL LONG SHORT ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="520"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Total Return Swaps contracts outstanding as of June 30, 2013: </H2>
<P STYLE="text-indent:20px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="164"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="78"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Reference Entity</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR>Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Annual<BR>Financing Rate<BR>Received (Paid)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Termination<BR>Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Notional<BR>Amounts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair<BR>Value</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Unrealized<BR>Appreciation/<BR> (Depreciation)</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Australia Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(110,801</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6/09/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,695,390</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,563,354</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>132,036</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Italy Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(133,852</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.93</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4/09/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,776,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,599,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>176,805</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Mexico Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(39,698</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6/09/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,601,914</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,683,781</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(81,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Singapore Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(164,170</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6/09/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,212,356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,139,230</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>73,126</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Spain Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(181,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4/09/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,492,944</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,068,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>424,808</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares MSCI Taiwan Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(91,611</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6/09/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(1,237,411</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(1,218,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Unrealized Appreciation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>743,415</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash held as collateral with broker for swap contracts was $10,462,543 at June 30, 2013. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Morgan Stanley acts as the counterparty to the total return swap contract listed above. The Fund either receives fees from, or pay fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon financing rate. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">35</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tACCU"></a>ADVISORSHARES<BR> ACCUVEST GLOBAL OPPORTUNITIES ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 98.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 98.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Germany Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>118,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,920,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Japan Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>414,777</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,653,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI South Korea Capped Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,335</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,720,222</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Thailand Capped Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,526</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,845,379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Turkey Investable Market Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,129,225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares Core S&P 500 Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>13,985</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,251,166</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $17,745,295)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,519,824</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dreyfus Cash Management – Institutional Class, 0.05%<sup>(b)</sup><BR>(Cost $155,889)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>155,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>155,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 30.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR>(Cost $5,442,725)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,442,725</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,442,725</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 129.7%<BR>(Cost $23,343,909)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,118,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (29.7)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,288,556</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>17,829,882</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $5,333,160; the aggregate market value of the collateral held by the fund is $5,442,725. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>129.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(29.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">36</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tGTAA"></a>ADVISORSHARES<BR> CAMBRIA GLOBAL TACTICAL ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 78.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Asset Allocation Fund — 6.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CurrencyShares British Pound Sterling Trust*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>988</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 148,338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CurrencyShares Euro Trust*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,736</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CurrencyShares Swiss Franc Trust*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,299</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WisdomTree Chinese Yuan Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>241,911</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wisdomtree Managed Futures Strategy Fund*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>59,007</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,470,623</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Asset Allocation Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,309,993</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 35.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 1 – 3 Year Treasury Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,497,993</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 3 – 7 Year Treasury Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,498,021</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 7 – 10 Year Treasury Bond Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,731</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,022,428</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays MBS Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,186</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,703,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays TIPS Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,156</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,697,624</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Core Total US Bond Market ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,827</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,696,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PIMCO Enhanced Short Maturity ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,775</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,496,264</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Fundamental High Yield Corporate Bond Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,756</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>591,614</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Senior Loan Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>495,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR Barclays International Treasury Bond ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,416</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,486,692</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR Blackstone/GSO Senior Loan ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>497,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Short-Term Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,710</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,498,110</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vanguard Total Bond Market ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>20,967</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,695,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,876,764</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 35.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Shareholder Yield ETF*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>249,998</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Consumer Discretionary Select Sector SPDR Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,335</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>921,294</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,631</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>676,325</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Financial Select Sector SPDR Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,508,663</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global X FTSE Greece 20 ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>959,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Health Care Select Sector SPDR Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,922</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,519,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares FTSE NAREIT Residential Plus Capped Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,624</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>901,996</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Austria Capped Investable Market Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>577,884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Belgium Capped Investable Market Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91,292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,243,397</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI EAFE Small Capital Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,888</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>582,463</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI France Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,954</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>954,638</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Ireland Capped Investable Market Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,694</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,082,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Italy Capped Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,777</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>587,866</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Spain Capped Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,881</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>467,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">37</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> CAMBRIA GLOBAL TACTICAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 35.5% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Russell Microcap Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,139</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>255,459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,027</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>221,914</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares FTSE RAFI US 1000 Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>302,442</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares FTSE RAFI US 1500 Small-Mid Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,056</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248,911</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares QQQ Trust, Series 1</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,699</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>263,406</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR Dow Jones International Real Estate ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,518</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>738,868</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Mid-Cap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>199,128</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard REIT ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,382,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Small-Cap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,267</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>306,151</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Total Stock Market ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>291,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>WisdomTree International SmallCap Dividend Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,664</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>295,887</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,739,583</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $37,423,014)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,926,340</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 19.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Invesco Government & Agency Portfolio – Private<BR> Investment Class, 0.02%<sup>(b)</sup><BR>(Cost $9,835,512)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,835,512</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,835,512</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 16.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR>(Cost $8,252,482)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,252,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,252,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 114.2%<BR>(Cost $55,511,008)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 57,014,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (14.2)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,072,005</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>49,942,329</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MBS — Mortgage Backed Securities </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">REIT — Real Estate Investment Trust </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">TIPS — Treasury Inflation Protected Security </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $8,066,222; the aggregate market value of the collateral held by the fund is $8,252,482. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013.</TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">38</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> CAMBRIA GLOBAL TACTICAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="520"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Allocation Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>114.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(14.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">39</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tRRGR"></a>ADVISORSHARES<BR> GLOBAL ALPHA & BETA ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 52.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Aerospace/Defense — 3.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Northrop Grumman Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 48,190</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Agriculture — 2.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Philip Morris International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>408</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>35,341</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Apparel — 2.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>NIKE, Inc., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,897</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Manufacturers — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Volvo AB (Sweden)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>29,690</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 6.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco de Chile (Chile)<sup>(a)(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>508</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,236</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Bank of Nova Scotia (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,342</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>82,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 3.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Diageo PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,612</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale — 3.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Genuine Parts Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BlackRock, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>159</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,839</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>NextEra Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>364</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>29,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chevron Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>343</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,591</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Statoil ASA (Norway)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,592</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>32,938</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>73,529</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 10.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Johnson & Johnson</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,051</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Novartis AG (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>664</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Novo Nordisk A/S (Denmark)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,035</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Teva Pharmaceutical Industries Ltd. (Israel)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>630</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24,696</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>144,734</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">40</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ALPHA & BETA ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pipelines — 2.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Kinder Morgan Energy Partners, LP</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>452</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 38,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Savings & Loans — 1.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Brookline Bancorp, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,961</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>KLA-Tencor Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>542</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>30,206</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $632,614)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>705,151</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 35.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commodity Fund — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>PowerShares DB Gold Fund*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,756</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 34.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Consumer Discretionary Select Sector SPDR Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>852</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,053</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Trust NASDAQ Technology Dividend Index Fund<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global X Fertilizers/Potash ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,142</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Medical Devices Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>378</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,684</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Technology Sector Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI New Zealand Capped Investable Market Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares S&P Emerging Markets Infrastructure Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Water Resources Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vanguard Telecommunication Services ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>56,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>462,212</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $447,115)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>480,968</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 11.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%<sup>(c)</sup><BR>(Cost $156,561)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>156,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>156,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">41</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ALPHA & BETA ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 6.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(d)</sup><BR>(Cost $87,278)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>87,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>87,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 105.4%<BR>(Cost $1,323,568)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,429,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (5.4)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(73,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>1,356,523</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PLC — Public Limited Company </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">American Depositary Receipt </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $85,474; the aggregate market value of the collateral held by the fund is $87,278. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="528"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Manufacturers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commodity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pipelines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Savings & Loans</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">42</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tGIVE"></a>ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 50.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Johnson Controls, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,449</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 87,650</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Tenneco, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>116,448</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>City National Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>516</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,699</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Tompkins Financial Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>509</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,002</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>55,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Reed's, Inc.*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,650</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Biotechnology — 3.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Illumina, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>530</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Life Technologies Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,755</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Novozymes A/S (Denmark)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,842</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>91,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>199,677</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Building Materials — 1.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apogee Enterprises, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,264</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Toto Ltd. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,412</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Building Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>91,613</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Automatic Data Processing, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,995</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MasterCard, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,556</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Where Food Comes From, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,412</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>108,963</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Computers — 3.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apple, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>159</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,977</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EMC Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Silver Spring Networks, Inc.*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,646</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,051</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stratasys Ltd. (Israel)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>380</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,821</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Teradata Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>555</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>27,878</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>197,007</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Procter & Gamble Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>537</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,344</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">43</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="424"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>LKQ Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,405</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 61,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MarketAxess Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>350</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,363</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wageworks, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,305</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>44,957</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>61,320</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>EnerNOC, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>35,802</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Itron, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>341</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Energy — Alternate Sources — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Enphase Energy, Inc.*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,082</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,824</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Environmental Control — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Clean Harbors, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stericycle, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,166</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Tomra Systems ASA (Norway)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,992</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,235</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Environmental Control</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Food — 3.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boulder Brands, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,461</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hain Celestial Group, Inc. (The)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>592</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,462</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nestle SA (Switzerland)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>631</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>United Natural Foods, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>180,014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare — Products — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Covidien PLC (Ireland)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,647</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare — Services — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Laboratory Corp. of America Holdings*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,040</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Home Builders — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Daiwa House Industry Co. Ltd. (Japan)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>258</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>48,203</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amazon.com, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,095</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>eBay, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,118</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>F5 Networks, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,979</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">44</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="424"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — 2.9% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Google, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 47,540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>156,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery — Diversified — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rockwell Automation, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>330</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tennant Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,516</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Xylem, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,403</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Machinery — Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aptargroup, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,248</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pure Technologies Ltd. (Canada)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,162</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>56,410</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Office Furnishings — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Interface, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>43,460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 4.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GlaxoSmithKline PLC (United Kingdom)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,071</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,518</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Isis Pharmaceuticals, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Novartis AG (Switzerland)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Perrigo Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>336</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Teva Pharmaceutical Industries Ltd. (Israel)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>221,567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pipelines — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Kinder Morgan, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,119</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,690</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trusts — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HCP, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Prologis, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,133</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Real Estate Investment Trusts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>82,075</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>CVS Caremark Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>59,982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cree, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>896</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Solar, Inc.*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>467</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">45</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="400"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="92"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares/Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 2.1% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>NXP Semiconductor NV (Netherlands)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>114,943</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Adobe Systems, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,681</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fiserv, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>235</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>20,541</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>59,222</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — 3.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cisco Systems, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Corning, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,793</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,514</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>IPG Photonics Corp.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>472</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telenor ASA (Norway)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>457</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,196</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vodafone Group PLC (United Kingdom)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,267</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,414</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>207,225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Canadian National Railway Co. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,046</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Union Pacific Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>321</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,524</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>115,570</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Water — 1.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American Water Works Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,488</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Severn Trent PLC (United Kingdom)<sup>(a)(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,442</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>61,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Water</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>102,192</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $2,587,636)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,751,708</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMERCIAL MORTGAGE BACKED SECURITY — 4.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Government National Mortgage Association, Class AC,<BR> Series 2011-109, 3.25%, 04/16/43<BR>(Cost $267,349)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>261,813</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MUNICIPAL BOND — 7.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>New York State Housing Finance Agency, 0.12%, 05/15/34@<BR>(Cost $400,000)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>ASSET BACKED SECURITY — 4.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SBAP, 2009-20H 1, 4.45%, 08/01/29<BR>(Cost $250,557)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>225,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>244,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">46</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 24.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 11.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Ranger Equity Bear ETF*†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,840</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Trust ISE Global Wind Energy Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,394</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,133</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global X Lithium ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim S&P Global Water Index ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>358</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Kld 400 Social Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,035</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Cleantech Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,274</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,258</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Global Clean Energy Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88,621</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Water Resources Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,902</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Wilderhill Clean Energy Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,443</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,728</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proshares Short FTSE China 25*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,155</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proshares Short Midcap 400*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,801</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proshares Short MSCI EAFE*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>111,216</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proshares Short MSCI Emerging Markets*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>97,977</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proshares Short Real Estate*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,120</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $565,622)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>597,661</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 13.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proshares Short 20+ Year Treasury*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR Barclays Capital 1 – 3 Month T-Bill ETF*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>14,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>666,757</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(Cost $710,686)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>712,258</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUNDS — 8.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Federated Government Obligations Fund, Class IS, 0.01%<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fidelity Institutional Money Market Government<BR> Portfolio – Class I, 0.01%<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>348,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>348,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fidelity Institutional Money Market<BR> Portfolio – Institutional Class, 0.12%<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>63,024</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>63,024</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Money Market Funds<BR> (Cost $446,629)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>446,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 2.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(d)</sup><BR> (Cost $149,904)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>149,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>149,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 102.3%<BR>(Cost $5,378,383)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,564,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (2.3%)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(126,072</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B> 5,438,085</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">47</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PLC — Public Limited Company </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">†</TD>
<TD STYLE="text-align: left">Affiliated company. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">@</TD>
<TD STYLE="text-align: left">Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $144,883; the aggregate market value of the collateral held by the fund is $149,904. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">American Depositary Receipt. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">48</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> GLOBAL ECHO ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Backed Security</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Building Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Mortgage Backed Security</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy – Alternate Sources</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Environmental Control</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Home Builders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Money Market Funds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Municipal Bond</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office Furnishings</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pipelines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trusts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Water</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>102.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">49</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tFWDD"></a>ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 98.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Advertising — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interpublic Group of Cos., Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,551</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 66,217</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Omnicom Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>498</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31,309</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>97,526</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Aerospace/Defense — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boeing Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,283</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>General Dynamics Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>358</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,042</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>L-3 Communications Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,173</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lockheed Martin Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>254</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,549</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Northrop Grumman Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Raytheon Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>618</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,862</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rockwell Collins, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,919</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>United Technologies Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>556</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>51,675</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>264,191</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Agriculture — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Altria Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>678</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,723</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Archer-Daniels-Midland Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,345</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,609</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lorillard, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>648</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,305</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Philip Morris International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>395</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,215</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Reynolds American, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>516</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24,959</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>156,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Airlines — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Southwest Airlines Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,297</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>68,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Apparel — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coach, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,040</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nike, Inc., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>427</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,191</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ralph Lauren Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>271</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,083</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>VF Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>263</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50,775</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>184,423</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">50</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Manufacturers — 0.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ford Motor Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,377</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 83,182</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>PACCAR, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>32,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Auto Manufacturers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>115,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment — 1.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BorgWarner, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,842</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goodyear Tire & Rubber Co. (The)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,779</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88,361</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Johnson Controls, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,896</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>67,858</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>238,061</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 5.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bank of America Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,471</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bank of New York Mellon Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,299</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,487</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BB&T Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,518</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,430</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital One Financial Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>797</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,060</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Citigroup, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,462</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70,132</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Comerica, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,083</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fifth Third Bancorp</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>899</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,227</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Horizon National Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,310</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,472</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goldman Sachs Group, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>342</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,728</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Huntington Bancshares, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,926</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JPMorgan Chase & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>861</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,452</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>KeyCorp</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,621</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,896</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>M&T Bank Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>595</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,491</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Morgan Stanley</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Northern Trust Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,003</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,074</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PNC Financial Services Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Regions Financial Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,040</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,031</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>State Street Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,006</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SunTrust Banks, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,606</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US Bancorp</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,182</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,069</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,118</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Zions Bancorporation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,868</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>53,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,073,618</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">51</P>
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<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beam, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>298</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 18,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Brown-Forman Corp., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>313</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,143</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coca-Cola Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>474</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coca-Cola Enterprises, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Constellation Brands, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,107</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dr Pepper Snapple Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Molson Coors Brewing Co., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>542</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Monster Beverage Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>637</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>PepsiCo, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,648</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>256,568</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Biotechnology — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Alexion Pharmaceuticals, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>632</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,296</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amgen, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>242</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,876</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Biogen Idec, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>160</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,432</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Celgene Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>512</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,858</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gilead Sciences, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,185</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,684</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Life Technologies Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>26,791</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>263,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Building Materials — 0.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Masco Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,785</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Chemicals — 2.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Air Products & Chemicals, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>521</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,708</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Airgas, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CF Industries Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,324</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dow Chemical Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,132</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,416</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>E.I. du Pont de Nemours & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>511</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,828</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Eastman Chemical Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>699</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ecolab, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,242</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>FMC Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>715</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43,658</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Flavors & Fragrances, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>227</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,061</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Monsanto Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,912</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mosaic Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>534</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PPG Industries, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>140</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,497</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Praxair, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>291</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,512</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sherwin-Williams Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,726</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">52</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Chemicals — 2.6% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sigma-Aldrich Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 16,474</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>474,746</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Coal — 0.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>CONSOL Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,870</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 3.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ADT Corp. (The)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>451</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apollo Group, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Automatic Data Processing, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>263</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,110</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equifax, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>662</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>H&R Block, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Iron Mountain, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>480</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,773</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MasterCard, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,003</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Moody's Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>887</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,045</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Paychex, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>518</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,917</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Quanta Services, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,158</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Robert Half International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,497</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,745</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SAIC, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,439</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,045</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total System Services, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,062</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,478</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Visa, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>298</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Western Union Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>63,581</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>625,162</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Computers — 2.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apple, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>171</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>67,730</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cognizant Technology Solutions Corp., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,020</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,862</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computer Sciences Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>602</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,350</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dell, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,199</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,707</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EMC Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Business Machines Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>310</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,244</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NetApp, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,634</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SanDisk Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,287</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Teradata Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,091</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>54,801</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>519,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">53</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Avon Products, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 40,062</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Colgate-Palmolive Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>288</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Estee Lauder Cos., Inc. (The), Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,414</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Procter & Gamble Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>254</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,555</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Cosmetics/Personal Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>99,531</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fastenal Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fossil Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72,317</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Genuine Parts Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>328</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,607</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>W.W. Grainger, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>158</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>165,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 4.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American Express Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,528</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ameriprise Financial, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>76,027</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BlackRock, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,004</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Charles Schwab Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CME Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Discover Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,403</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>E*Trade Financial Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,277</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Franklin Resources, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,239</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>IntercontinentalExchange, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>191</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Invesco Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,926</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Legg Mason, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,207</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,439</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NASDAQ OMX Group, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70,597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NYSE Euronext</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>746</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SLM Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>T. Rowe Price Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>43,159</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>832,001</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AES Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,970</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American Electric Power Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>198</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,866</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CMS Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>451</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,254</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Consolidated Edison, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>126</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,347</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">54</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 1.4% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dominion Resources, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 11,364</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DTE Energy Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Duke Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>127</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,573</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Edison International</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,813</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Entergy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>304</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>FirstEnergy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,215</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Integrys Energy Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NextEra Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>177</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,422</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Northeast Utilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>365</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,337</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pepco Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>570</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,491</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PG&E Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>129</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,899</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pinnacle West Capital Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Public Service Enterprise Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SCANA Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>217</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,655</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Southern Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>241</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TECO Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>382</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wisconsin Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,288</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Xcel Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>255,850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Emerson Electric Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Molex, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Electrical Components & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>80,264</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Agilent Technologies, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>760</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,498</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amphenol Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>425</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>FLIR Systems, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,141</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,743</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Honeywell International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>580</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,017</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Jabil Circuit, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,105</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83,660</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PerkinElmer, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,408</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,760</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Thermo Fisher Scientific, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>591</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Waters Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>314</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31,416</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>380,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">55</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Engineering & Construction — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fluor Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 59,962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Jacobs Engineering Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>61,856</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Engineering & Construction</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>121,818</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Entertainment — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>International Game Technology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>60,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Environmental Control — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Republic Services, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>256</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,689</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stericycle, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Waste Management, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>416</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,777</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Environmental Control</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>52,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Food — 2.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Campbell Soup Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>294</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ConAgra Foods, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,532</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dean Foods Co.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,847</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>General Mills, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hershey Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>161</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hormel Foods Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>612</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,611</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JM Smucker Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>197</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,321</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kellogg Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>343</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,031</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kraft Foods Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kroger Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,403</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>McCormick & Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>214</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,057</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mondelez International, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,089</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,069</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Safeway, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,803</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sysco Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>631</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,555</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tyson Foods, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,963</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Whitewave Foods Co., Class A*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>471</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Whitewave Foods Co., Class B*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,199</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Whole Foods Market, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>35,418</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>432,639</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">56</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Forest Products & Paper — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Paper Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,444</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 63,984</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>MeadWestvaco Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>551</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,794</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Forest Products & Paper</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>82,778</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Gas — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AGL Resources, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>202</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,658</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CenterPoint Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NiSource, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>412</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,799</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sempra Energy</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,943</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>45,350</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Hand/Machine Tools — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Snap-On, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>526</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Stanley Black & Decker, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>48,622</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Hand/Machine Tools</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>95,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Products — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Baxter International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>461</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,934</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Becton Dickinson and Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,039</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boston Scientific Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,916</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,031</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>C.R. Bard, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,342</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CareFusion Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,173</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DENTSPLY International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>821</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,628</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Edwards Lifesciences Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>770</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hospira, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>502</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Intuitive Surgical, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,487</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Medtronic, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>573</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,492</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Patterson Cos., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>815</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,644</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>St. Jude Medical, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,230</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stryker Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>420</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,166</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Varian Medical Systems, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Zimmer Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>538</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>536,602</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Services — 3.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aetna, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,429</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90,799</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cigna Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,503</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DaVita, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,783</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">57</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Services — 3.2% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Humana, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>922</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 77,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Laboratory Corp. of America Holdings*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Quest Diagnostics, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>932</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tenet Healthcare Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,254</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,810</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>UnitedHealth Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,048</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,623</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>WellPoint, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>72,347</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>594,526</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Home Builders — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DR Horton, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,781</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lennar Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>346</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pultegroup, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,614</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>68,557</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Home Builders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>140,207</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Home Furnishings — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Harman International Industries, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,606</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Whirlpool Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>606</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>69,302</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Home Furnishings</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>153,908</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Household Products/Wares — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Avery Dennison Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>520</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,235</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Clorox Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>203</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,878</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Kimberly-Clark Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,485</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Household Products/Wares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>56,598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Housewares — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Newell Rubbermaid, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,242</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>32,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 5.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aflac, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,240</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72,069</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Allstate Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,054</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,719</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American International Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,395</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,357</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Assurant, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,211</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,652</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Berkshire Hathaway, Inc., Class B*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>325</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chubb Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cincinnati Financial Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>370</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,983</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Genworth Financial, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,193</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>82,072</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hartford Financial Services Group, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,521</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">58</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 5.6% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lincoln National Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,020</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 73,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marsh & McLennan Cos., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,098</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43,832</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MetLife, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Principal Financial Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,902</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,230</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Progressive Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>947</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prudential Financial, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,202</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,782</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Torchmark Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>909</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,212</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Travelers Cos., Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Unum Group</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>64,996</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,045,527</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — 2.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amazon.com, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,331</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>eBay, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,427</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expedia, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>F5 Networks, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>797</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,834</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Google, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,745</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Netflix, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>priceline.com, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Symantec Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,394</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TripAdvisor, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>557</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>VeriSign, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>842</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,604</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Yahoo! Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>931</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,377</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>418,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Iron/Steel — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Allegheny Technologies, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,235</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,803</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cliffs Natural Resources, Inc.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,511</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nucor Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>351</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>United States Steel Corp.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>637</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,167</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Iron/Steel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>99,686</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Leisure Time — 0.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Carnival Corp. (Panama)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,116</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Harley-Davidson, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>52,024</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Leisure Time</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>111,140</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">59</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Lodging — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marriott International, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 46,546</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Starwood Hotels & Resorts Worldwide, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>367</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,191</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wyndham Worldwide Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,083</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,980</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wynn Resorts Ltd.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,456</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Lodging</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>151,173</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery – Construction & Mining — 0.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Caterpillar, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>698</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Joy Global, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,209</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>58,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Machinery – Construction & Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>116,251</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery – Diversified — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cummins, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,161</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deere & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>695</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Flowserve Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>924</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rockwell Automation, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>431</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,833</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Roper Industries, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>298</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,018</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Xylem, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>883</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,788</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>269,174</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Media — 3.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cablevision Systems Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,227</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CBS Corp., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>830</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,562</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Comcast Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,371</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,417</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DIRECTV*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,221</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Discovery Communications, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>630</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,642</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gannett Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,862</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>McGraw-Hill Cos., Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,208</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,254</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>News Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Scripps Networks Interactive, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>474</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,644</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Time Warner Cable, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,776</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Time Warner, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,056</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Viacom, Inc., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>911</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,994</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Walt Disney Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>478</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>30,186</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Media</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>617,192</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">60</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Metal Fabricate/Hardware — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Precision Castparts Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>283</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 63,961</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Mining — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Alcoa, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,170</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Freeport-McMoRan Copper & Gold, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>525</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,495</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>3M Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Danaher Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>755</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,791</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dover Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>878</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,185</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>General Electric Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,050</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,539</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Illinois Tool Works, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,176</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leggett & Platt, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pall Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>568</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Parker Hannifin Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,310</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Textron, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,350</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>61,218</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>390,418</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Office/Business Equipment — 0.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pitney Bowes, Inc.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,786</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Xerox Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,453</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Office/Business Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>105,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Anadarko Petroleum Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apache Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,215</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cabot Oil & Gas Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,067</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chesapeake Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,599</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chevron Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>176</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,828</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ConocoPhillips</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>285</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,242</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Denbury Resources, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>559</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,682</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Devon Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diamond Offshore Drilling, Inc.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>943</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,869</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EOG Resources, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EQT Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>691</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,845</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">61</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.4% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Helmerich & Payne, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>480</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 29,976</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hess Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>182</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marathon Oil Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,176</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,246</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marathon Petroleum Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,077</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Murphy Oil Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,639</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfield Exploration Co.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,585</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,866</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Noble Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Occidental Petroleum Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,652</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peabody Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>637</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,326</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Phillips 66</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pioneer Natural Resources Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,267</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QEP Resources, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rowan Cos. PLC, Class A (United Kingdom)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,208</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,227</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tesoro Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Valero Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>56,223</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,004,416</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas Services — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Baker Hughes, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,479</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cameron International Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,089</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>FMC Technologies, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>908</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Halliburton Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,695</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70,715</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>National Oilwell Varco, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>930</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,077</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Schlumberger Ltd. (Curacao)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>895</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>64,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>384,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Packaging & Containers — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ball Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>933</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,757</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bemis Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>530</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Owens-Illinois, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,505</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,614</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sealed Air Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,715</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,074</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Packaging & Containers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>170,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Abbott Laboratories</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,556</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Abbvie, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Actavis, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>643</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,159</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">62</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 2.9% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Allergan, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>221</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 18,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AmerisourceBergen Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>667</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,239</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bristol-Myers Squibb Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cardinal Health, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,041</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Express Scripts Holding Co.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72,054</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Laboratories, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>843</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Johnson & Johnson</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>199</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,086</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>McKesson Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>571</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,380</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mead Johnson Nutrition Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Merck & Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,451</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mylan, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,829</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,754</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Perrigo Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>267</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pfizer, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>380</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,644</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>547,395</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pipelines — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kinder Morgan, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ONEOK, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,755</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Spectra Energy Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,062</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Williams Cos., Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>396</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,858</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pipelines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77,727</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>CBRE Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>35,017</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trust — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American Tower Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>235</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AvalonBay Communities, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,420</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boston Properties, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HCP, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,861</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Host Hotels & Resorts, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,712</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kimco Realty Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,915</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prologis, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,771</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Public Storage</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,746</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Simon Property Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vornado Realty Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,705</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">63</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trust — 0.5% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Weyerhaeuser Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>244</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 6,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Real Estate Investment Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>89,131</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 9.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Abercrombie & Fitch Co., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,478</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AutoNation, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,544</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,994</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AutoZone, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bed Bath & Beyond, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>930</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Best Buy Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,350</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,895</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CarMax, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>662</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chipotle Mexican Grill, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,520</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Costco Wholesale Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>236</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,095</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CST Brands, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>179</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,515</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CVS Caremark Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>899</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,405</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Darden Restaurants, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,918</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dollar General Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,994</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dollar Tree, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,872</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Family Dollar Stores, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>696</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gamestop Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,728</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gap, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,527</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,722</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Home Depot, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>549</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,531</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kohl's Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,244</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,834</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>L Brands, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>815</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,139</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lowe's Cos., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,493</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,064</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Macy's, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,301</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,448</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>McDonald's Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,572</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nordstrom, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>854</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>O'Reilly Automotive, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>533</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,026</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PetSmart, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>894</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PVH Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>495</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ross Stores, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>770</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Staples, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Starbucks Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,533</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Target Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,271</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tiffany & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TJX Cos., Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>916</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,855</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Urban Outfitters, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,160</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">64</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 9.3% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Walgreen Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,112</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 49,150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wal-Mart Stores, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,627</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Yum! Brands, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>347</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24,061</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,729,592</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Savings & Loans — 0.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>People's United Financial, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,494</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 3.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Altera Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>961</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,703</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Analog Devices, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,363</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Applied Materials, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,717</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Broadcom Corp., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,838</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,051</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Intel Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,792</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>KLA-Tencor Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>753</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,965</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lam Research Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>910</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Linear Technology Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,035</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>LSI Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Microchip Technology, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,602</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Micron Technology, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,988</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,818</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NVIDIA Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,551</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,821</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QUALCOMM, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>921</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Teradyne, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,447</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,134</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Texas Instruments, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>808</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Xilinx, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>760</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>30,104</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>717,915</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — 3.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Adobe Systems, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>311</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,169</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Akamai Technologies, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,039</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Autodesk, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,650</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BMC Software, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,505</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>67,936</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CA, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,676</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,984</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cerner Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Citrix Systems, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>684</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dun & Bradstreet Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronic Arts, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,429</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fidelity National Information Services, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,144</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">65</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — 3.8% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fiserv, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>496</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 43,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Intuit, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,951</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Microsoft Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oracle Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,788</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,927</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Red Hat, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>527</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,201</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Salesforce.com, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>333</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,714</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>709,754</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AT&T, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,602</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Centurylink, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cisco Systems, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,752</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,901</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Corning, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>453</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,446</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Crown Castle International Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>111</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,035</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Frontier Communications Corp.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,872</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JDS Uniphase Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,810</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Juniper Networks, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,141</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>79,963</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Motorola Solutions, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>365</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,071</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>T-Mobile US, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,765</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Verizon Communications, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>432</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>21,747</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>362,564</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Textiles — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cintas Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>33,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Toys/Games/Hobbies — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hasbro, Inc.<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,319</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Mattel, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>751</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,028</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Toys/Games/Hobbies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>63,347</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>C.H. Robinson Worldwide, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CSX Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expeditors International of Washington, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>539</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,487</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>FedEx Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,303</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Norfolk Southern Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>746</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,197</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ryder System, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,133</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">66</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 2.0% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Union Pacific Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>United Parcel Service, Inc., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>389</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>33,642</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>376,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $15,465,521) </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,334,605</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 1.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fidelity Institutional Prime Money Market Portfolio – Class I, 0.02%<sup>(b)</sup><BR>(Cost $295,849)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>295,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>295,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR> (Cost $159,052)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>159,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>159,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 101.1%<BR>(Cost $15,920,422)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,789,506</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (1.1)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(196,395</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0% </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>18,593,111</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $182,822; the aggregate market value of the collateral held by the fund is $187,331. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $28,279. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="528"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Airlines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Manufacturers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Building Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">67</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA DOMESTIC ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="528"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Engineering & Construction</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Entertainment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Environmental Control</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Products & Paper</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hand/Machine Tools</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Home Builders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Home Furnishings</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Household Products/Wares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Housewares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Iron/Steel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leisure Time</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lodging</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery – Construction & Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Media</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Metal Fabricate/Hardware</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office/Business Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Packaging & Containers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pipelines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Real Estate</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Savings & Loans</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Textiles</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Toys/Games/Hobbies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>101.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">68</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tFWDB"></a>ADVISORSHARES<BR> MADRONA GLOBAL BOND ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 99.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Asset Allocation Fund — 4.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR Barclays Convertible Securities ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>22,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>962,775</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 94.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Peritus High Yield ETF†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,065</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,049,143</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,553</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>231,966</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,322</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,877,845</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares S&P/Citigroup International Treasury Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,039</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>679,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PIMCO 1 – 5 Year U.S. TIPS Index ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>693,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PIMCO Australia Bond Index ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,058</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>182,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PIMCO Canada Bond Index ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>430,650</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Build America Bond Portfolio<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,301,014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Emerging Markets Sovereign Debt Portfolio<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,051</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,694,613</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Financial Preferred Portfolio<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,458</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,600,404</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Insured National Municipal Bond Portfolio<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,449</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,325,780</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares International Corporate Bond Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,030</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,357,641</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Senior Loan Portfolio<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,476</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,397,781</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR DB International Government Inflation-Protected Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>650,944</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Intermediate-Term Government Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,786</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>685,882</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Long-Term Government Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,291</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>632,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Mortgage-Backed Securities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,599,492</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vanguard Short-Term Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,760</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>701,413</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>WisdomTree Emerging Markets Corporate Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>17,712</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,303,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>21,395,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR> (Cost $22,788,420)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,358,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fidelity Institutional Prime Money Market Portfolio – Class I, 0.02%<sup>(b)</sup><BR> (Cost $226,433)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>226,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>226,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 38.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR> (Cost $8,679,025)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,679,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,679,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 138.7%<BR> (Cost $31,693,878)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,263,957</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (38.7)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(8,721,018</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0% </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>22,542,939</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">ETF</TD>
<TD STYLE="text-align: left"> — Exchange Traded Fund </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">TIPS</TD>
<TD STYLE="text-align: left"> — Treasury Inflation Protected Securities </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">69</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA GLOBAL BOND ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">†</TD>
<TD STYLE="text-align: left">Affiliated company </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $8,475,694; the aggregate market value of the collateral held by the fund is $8,679,025. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="528"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Allocation Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>138.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(38.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">70</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tFWDI"></a>ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 98.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Advertising — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>WPP PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 75,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Agriculture — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>British American Tobacco PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>550</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Imperial Tobacco Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>59,236</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>115,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Airlines — 2.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cathay Pacific Airways Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,096</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>China Eastern Airlines Corp. Ltd. (China)*<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,346</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,885</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>China Southern Airlines Co. Ltd. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,360</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deutsche Lufthansa AG (Germany)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,448</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>110,240</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Consolidated Airlines Group SA (United Kingdom)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Ryanair Holdings PLC (Ireland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,527</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>78,686</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Airlines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>369,581</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Apparel — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Adidas AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,156</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Gildan Activewear, Inc. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>693</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>109,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Manufacturers — 3.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bayerische Motoren Werke AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,543</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,947</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Daimler AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>961</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,035</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Honda Motor Co. Ltd. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,551</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tata Motors Ltd. (India)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,488</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,759</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Toyota Motor Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>906</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>109,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Volkswagen AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>115,832</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Auto Manufacturers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>504,916</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment — 1.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GKN PLC (United Kingdom)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,696</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>82,286</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Magna International, Inc. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,549</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>110,320</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>192,606</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 12.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Akbank TAS (Turkey)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Australia & New Zealand Banking Group Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,217</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,794</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco Bilbao Vizcaya Argentaria SA (Spain)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,411</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95,967</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco Bradesco SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco do Brasil SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,261</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,936</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco Santander SA (Spain)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,209</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98,402</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bancolombia SA (Colombia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,353</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">71</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 12.0% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barclays PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,514</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 94,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commerzbank AG (Germany)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,139</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Corpbanca SA (Chile)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,703</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,421</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Credit Suisse Group AG (Switzerland)*<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,860</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DBS Group Holdings Ltd. (Singapore)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>911</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deutsche Bank AG (Germany)<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,678</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>112,342</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Grupo Financiero Banorte SAB de CV (Mexico)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,579</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,133</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HSBC Holdings PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,723</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,424</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ICICI Bank Ltd. (India)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,664</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,648</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Industrial & Commercial Bank of China Ltd. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,865</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72,902</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Intesa Sanpaolo SpA (Italy)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lloyds Banking Group PLC (United Kingdom)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,834</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>114,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nedbank Group Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,702</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,933</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Royal Bank of Scotland Group PLC (United Kingdom)*<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,739</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98,725</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sberbank of Russia (Russia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,030</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Standard Bank Group Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sumitomo Mitsui Trust Holdings, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,696</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Turkiye Garanti Bankasi AS (Turkey)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,888</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,518</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>UBS AG (Switzerland)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,892</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>82,919</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Westpac Banking Corp. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,793</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,793,841</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Anheuser-Busch InBev NV (Belgium)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>551</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,733</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Carlsberg A/S, Class B (Denmark)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,007</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,846</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cia Cervecerias Unidas SA (Chile)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>405</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,587</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cia de Bebidas das Americas (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>370</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,819</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coca-Cola Femsa SAB de CV (Mexico)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,748</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diageo PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fomento Economico Mexicano SAB de CV (Mexico)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>179</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,471</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Heineken NV (Netherlands)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,568</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,941</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kirin Holdings Co. Ltd. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,613</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88,517</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SABMiller PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,096</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>52,816</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>427,953</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Building Materials — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CRH PLC (Ireland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fletcher Building Ltd. (New Zealand)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,516</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lafarge SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,820</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>103,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>LIXIL Group Corp. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,144</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>104,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Building Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>303,518</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">72</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Chemicals — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Akzo Nobel NV (Netherlands)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,964</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 55,753</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Arkema SA (France)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>987</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asahi Kasei Corp. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,256</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BASF SE (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>489</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43,761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Koninklijke DSM NV (Netherlands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,583</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Linde AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,638</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,383</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sinopec Shanghai Petrochemical Co. Ltd. (China)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,785</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sociedad Quimica y Minera de Chile SA (Chile)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>502</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,281</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Syngenta AG (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>642</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,986</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>457,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Coal — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Exxaro Resources Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,466</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,472</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bunzl PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,235</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cielo SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,826</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Experian PLC (Jersey Islands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,023</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>52,872</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>123,104</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Computers — 2.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CGI Group, Inc., Class A (Canada)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,870</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,062</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gemalto NV (Netherlands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,068</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Infosys Ltd. (India)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>883</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,371</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lenovo Group Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,497</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TDK Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>814</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wipro Ltd. (India)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,484</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39,924</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>381,753</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care — 0.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kao Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,212</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Unicharm Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,695</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,197</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Cosmetics/Personal Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Li & Fung Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wolseley PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>13,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>61,144</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>148,160</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Daiwa Securities Group, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,332</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,719</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Macquarie Group Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,570</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nomura Holdings, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,714</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94,592</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>ORIX Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,296</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>88,556</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>330,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">73</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CLP Holdings Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 60,506</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GDF Suez (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>727</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,271</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Huaneng Power International, Inc. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,325</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,396</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Power Assets Holdings Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,033</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SSE PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,202</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>27,899</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>213,105</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Nidec Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,308</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — 1.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Koninklijke Philips Electronics NV, Class Y (Netherlands)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90,135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kyocera Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,984</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>LG Display Co. Ltd. (South Korea)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,588</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90,070</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sony Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,773</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>37,570</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>251,759</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Engineering & Construction — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>ABB Ltd. (Switzerland)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,472</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>75,204</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Food — 3.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ajinomoto Co., Inc. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,258</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Associated British Foods PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,588</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BRF SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,206</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Carrefour SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,241</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cencosud SA (Chile)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,041</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cia Brasileira de Distribuicao Grupo Pao de Acucar (Brazil)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>908</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Danone SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,212</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Delhaize Group SA (Belgium)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,986</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Koninklijke Ahold NV (Netherlands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,637</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nestle SA (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>472</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,048</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unilever NV (Netherlands)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>817</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,116</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unilever PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>767</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Want Want China Holdings Ltd. (China)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>399</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>27,890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>467,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Food Service — 0.4%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Compass Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,325</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>55,619</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Forest Products & Paper — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Stora ENSO OYJ (Finland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>15,120</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>101,002</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">74</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Gas — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Centrica PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 29,839</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>National Grid PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>448</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Snam SpA (Italy)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77,455</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Products — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Luxottica Group SpA (Italy)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>953</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mindray Medical International Ltd. (China)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,689</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Smith & Nephew PLC (United Kingdom)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>132,463</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Services — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fresenius Medical Care AG & Co. KGaA (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,240</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>43,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Holding Companies – Diversified — 1.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bidvest Group Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>766</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Imperial Holdings Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,593</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>LVMH Moet Hennessy Louis Vuitton SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,295</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,406</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wharf Holdings Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,364</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Holding Companies – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>180,322</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Home Builders — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sekisui House Ltd. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>75,264</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Household Products/Wares — 0.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Reckitt Benckiser Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,585</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 8.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aegon NV, Class G (Netherlands)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>101,569</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ageas (Belgium)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>626</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,966</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AIA Group Ltd. (Hong Kong)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,079</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,955</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Allianz SE (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,549</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,851</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AMP Ltd. (Australia)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,102</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aviva PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,322</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,992</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AXA SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,393</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>China Life Insurance Co. Ltd. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,713</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ING Groep NV (Netherlands)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,364</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>121,479</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Manulife Financial Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,946</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MS&AD Insurance Group Holdings (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,522</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,284</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Muenchener Rueckversicherungs AG (Germany)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,385</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prudential PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>73,096</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QBE Insurance Group Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,576</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,217</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sanlam Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,395</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Suncorp Group Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,616</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,130</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">75</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 8.7% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swiss Re AG (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,089</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 81,233</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tokio Marine Holdings, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,121</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,776</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,861</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Zurich Insurance Group AG (Switzerland)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,837</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>73,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,305,354</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — 1.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Baidu, Inc. (Cayman Islands)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>988</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93,396</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>NetEase.com (Cayman Islands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,277</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>80,668</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>174,064</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Iron/Steel — 1.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ArcelorMittal (Luxembourg)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fortescue Metals Group Ltd. (Australia)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,412</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,772</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nippon Steel & Sumitomo Metal Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>476</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,966</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rio Tinto PLC (United Kingdom)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,261</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>92,882</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Iron/Steel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>196,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Leisure Time — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Carnival PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,483</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sega Semmy Holdings, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,296</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39,381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Leisure Time</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>116,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Lodging — 1.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Galaxy Entertainment Group Ltd. (Hong Kong)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,394</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116,803</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>InterContinental Hotels Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,480</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Melco Crown Entertainment Ltd., Class Participation Certificate (Hong Kong)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,683</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>82,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Lodging</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>240,635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery – Diversified — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CNH Global NV (Netherlands)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,186</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91,069</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Kubota Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>612</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>44,547</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>135,616</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Media — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Naspers Ltd., Class N (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>644</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,444</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pearson PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,162</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Reed Elsevier NV (Netherlands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,130</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Reed Elsevier PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>778</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>35,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Media</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>141,181</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">76</P>
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<HR STYLE="width: 708px; height: 2px; text-align: center">
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<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Metal Fabricate/Hardware — 1.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tenaris SA (Luxembourg)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 69,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vallourec SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>10,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>104,503</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Metal Fabricate/Hardware</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>174,452</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Mining — 6.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barrick Gold Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>752</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,837</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BHP Billiton Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>347</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,008</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BHP Billiton PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,843</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cameco Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,203</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107,494</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Eldorado Gold Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Glencore Xstrata PLC (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,116</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,873</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gold Fields Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,396</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goldcorp, Inc. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,182</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,231</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Impala Platinum Holdings Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,758</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kinross Gold Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,023</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,217</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MMC Norilsk Nickel OJSC (Russia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,630</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,903</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newcrest Mining Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,444</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,555</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Norsk Hydro ASA (Norway)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>76,718</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Randgold Resources Ltd. (Jersey Islands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,097</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70,263</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Silver Wheaton Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,706</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sterlite Industries India Ltd. (India)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,188</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Yamana Gold, Inc. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,002</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,059</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>951,748</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>FUJIFILM Holdings Corp. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,240</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Invensys PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,492</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Siemens AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>789</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>79,934</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Smiths Group PLC (United Kingdom)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,202</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>44,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>204,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Office/Business Equipment — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Canon, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,676</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>55,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BG Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>86,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BP PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,476</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cenovus Energy, Inc. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,863</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>China Petroleum & Chemical Corp. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,110</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ecopetrol SA (Colombia)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>676</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,432</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">77</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.7% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Encana Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,581</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 60,662</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Eni SpA (Italy)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,144</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PetroChina Co. Ltd. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>273</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Petroleo Brasileiro SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,773</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,474</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Repsol YPF SA (Spain)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,177</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,065</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Royal Dutch Shell PLC, Class A (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,076</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,649</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sasol Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,657</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,765</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,613</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Woodside Petroleum Ltd. (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>985</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,796</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>YPF SA (Argentina)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,817</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>115,379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>849,720</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas Services — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Saipem SpA (Italy)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,577</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Subsea 7 SA (Luxembourg)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Technip SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,534</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>89,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>168,256</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Packaging & Containers — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rexam PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,341</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>48,960</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 4.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bayer AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>529</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,429</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Daiichi Sankyo Co. Ltd. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,583</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>76,353</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dr Reddy's Laboratories Ltd. (India)*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GlaxoSmithKline PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>823</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Grifols SA (Spain)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hypermarcas SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,360</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Novartis AG (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>396</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,001</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NOVO Nordisk A/S (Denmark)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,029</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Roche Holding AG (Switzerland)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>769</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sanofi (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>731</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shire PLC (Jersey Islands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>719</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,384</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Takeda Pharmaceutical Co. Ltd. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>695</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,693</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Teva Pharmaceutical Industries Ltd. (Israel)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,760</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,992</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Valeant Pharmaceuticals International, Inc. (Canada)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>271</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,328</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>682,039</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>CapitaLand Ltd. (Singapore)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>14,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>71,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>REITS — 0.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Westfield Group (Australia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>588</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,313</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">78</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aeon Co. Ltd. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,194</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 15,761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kingfisher PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,115</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,281</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marks & Spencer Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,768</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,143</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wal-Mart de Mexico SAB de CV (Mexico)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>129,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advanced Semiconductor Engineering, Inc. (Taiwan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,120</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,627</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ARM Holdings PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,176</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ASML Holding NV (Netherlands)<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>947</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,908</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Infineon Technologies AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,632</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,971</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,248</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77,823</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>319,877</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dassault Systemes SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>317</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,871</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SAP AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>69,771</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>108,642</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — 6.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BT Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>410</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>China Telecom Corp. Ltd. (China)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,579</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,002</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>China Unicom Ltd. (Hong Kong)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,086</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>79,970</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deutsche Telekom AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,770</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MTN Group Ltd. (South Africa)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,095</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nippon Telegraph & Telephone Corp. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,959</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NTT DOCOMO, Inc. (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,148</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,966</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oi SA (Brazil)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72,396</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portugal Telecom SGPS SA (Portugal)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,876</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,233</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rostelecom OJSC (Russia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,248</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,018</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Singapore Telecommunications Ltd. (Singapore)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>708</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,028</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SK Telecom Co. Ltd. (South Korea)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,293</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,277</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecom Argentina SA (Argentina)*<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,892</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telefonaktiebolaget LM Ericsson (Sweden)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telekomunikasi Indonesia Tbk PT (Indonesia)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telenor ASA (Norway)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,256</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tim Participacoes SA (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>778</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,471</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>VimpelCom Ltd. (Bermuda)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,434</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,846</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vodafone Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>999</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>990,888</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">79</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 1.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Canadian Pacific Railway Ltd. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>443</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,771</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deutsche Post AG (Germany)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,068</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Nippon Yusen KK (Japan)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>19,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>100,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>234,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Water — 1.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cia de Saneamento Basico do Estado de Sao Paulo (Brazil)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,883</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,242</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>United Utilities Group PLC (United Kingdom)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,361</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,431</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Veolia Environnement SA (France)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>89,124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Water</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>178,797</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $14,840,484) </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,682,823</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 1.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fidelity Institutional Prime Money Market Portfolio – Class I, 0.02%<sup>(d)</sup><BR>(Cost $259,136)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>259,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>259,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 8.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(e)</sup><BR>(Cost $1,332,744)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,332,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,332,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 108.7%<BR>(Cost $16,432,364)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,274,703</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (8.7)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,296,446</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0% </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>14,978,257</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PLC — Public Limited Company </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">American Depositary Receipt </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,287,828; the aggregate market value of the collateral held by the fund is $1,332,744 </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Registered Shares </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(e)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">80</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Airlines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Manufacturers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Building Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Engineering & Construction</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Food Service</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Products & Paper</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Holding Companies – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Home Builders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Household Products/Wares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Iron/Steel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leisure Time</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lodging</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery-Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Media</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Metal Fabricate/Hardware</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office/Business Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">81</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MADRONA INTERNATIONAL ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Packaging & Containers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Real Estate</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>REITS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Water</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(8.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">82</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tMATH"></a>ADVISORSHARES<BR> MEIDELL TACTICAL ADVANTAGE ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 67.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 47.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 1 – 3 Year Treasury Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,511</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>885,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays Short Treasury Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>876,139</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR Barclays Capital 1 – 3 Month T-Bill ETF*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,478</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,762,292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vanguard Short-Term Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>11,068</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>886,215</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,410,513</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 19.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Core S&P Small-Cap ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,947</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>898,114</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares S&P SmallCap 600 Value Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,645</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>901,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,799,343</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $6,217,521)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,209,856</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 12.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Dreyfus Institutional Reserves Treasury Fund – Institutional Class, 0.00%<sup>(b)</sup><BR>(Cost $1,179,280)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,179,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,179,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 7.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR>(Cost $675,368)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>675,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>675,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 87.6%<BR> (Cost $8,072,169)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,064,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities — 12.4%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,144,348</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>9,208,852</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $658,611; the aggregate market value of the collateral held by the fund is $675,368. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">83</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> MEIDELL TACTICAL ADVANTAGE ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="520"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>20.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">84</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tMINC"></a>ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CORPORATE BONDS — 22.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Consumer Discretionary — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boyd Gaming Corp., 9.13%, 12/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 219,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CBS Corp., 1.95%, 07/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dish DBS Corp., 4.63%, 07/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>101,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DR Horton, Inc., 3.63%, 02/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>73,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hyatt Hotels Corp., 3.88%, 08/15/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,912</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Jones Group, Inc. (The), 6.88%, 03/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>176,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MGM Resorts International, 7.63%, 01/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>181,088</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rent-A-Center, Inc., 6.63%, 11/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>184,187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Time Warner Cable, Inc., 6.75%, 07/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>205,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>234,906</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wyndham Worldwide Corp., 2.50%, 03/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>450,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>442,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Consumer Discretionary</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,750,657</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Energy — 1.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chesapeake Energy Corp., 5.38%, 06/15/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>174,562</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Oil Corp., 7.25%, 06/15/19<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Parker Drilling Co., 9.13%, 04/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>185,938</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Plains Exploration & Production Co., 6.50%, 11/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>222,895</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rowan Cos., Inc., 4.88%, 06/01/22</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>210,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>217,072</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Energy</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>965,842</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financials — 10.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Air Lease Corp., 4.75%, 03/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>218,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American International Group, Inc., 4.88%, 09/15/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>197,313</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Associated Banc-Corp., 5.13%, 03/28/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,627</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bank of America Corp., Series L, 5.65%, 05/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>222,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bank of America Corp., 5.49%, 03/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,251</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Barclays, 5.20%, 07/10/14 (United Kingdom)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>104,346</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns Cos. LLC (The), 7.25%, 02/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,395</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital One Financial Corp., 6.15%, 09/01/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>446,689</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Citigroup, Inc., 5.50%, 02/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>450,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>492,512</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">85</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financials — 10.9% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CNA Financial Corp., 5.85%, 12/15/14</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 106,413</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Countrywide Financial Corp., 6.25%, 05/15/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>130,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>141,856</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DDR Corp., 7.88%, 09/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>219,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>E*Trade Financial Corp., 6.38%, 11/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>178,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fifth Third Bancorp, 4.50%, 06/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ford Motor Credit Co. LLC, 8.13%, 01/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>455,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>549,787</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>General Electric Capital Corp., Series G, 5.63%, 05/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>295,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>338,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Genworth Financial, Inc., 7.63%, 09/24/21<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>155,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,405</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>670,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>726,720</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HCP, Inc., 3.75%, 02/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>179,789</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Health Care REIT, Inc., 4.70%, 09/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>239,289</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HSBC Finance Corp., 6.68%, 01/15/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>249,120</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HSBC USA, Inc., 1.63%, 01/16/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>195,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Lease Finance Corp., 3.88%, 04/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>188,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Jefferies Group LLC, 5.13%, 04/13/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>275,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>288,751</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JPMorgan Chase & Co., 6.13%, 06/27/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>280,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>316,126</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lincoln National Corp., 6.05%, 04/20/67<sup>@</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98,468</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Morgan Stanley, 5.55%, 04/27/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>425,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>460,155</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Morgan Stanley, 2.13%, 04/25/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>172,461</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>National Retail Properties, Inc., 5.50%, 07/15/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>270,996</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prudential Financial, Inc., 5.20%, 03/15/44<sup>@</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>284,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Regions Financial Corp., 5.75%, 06/15/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>325,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>350,757</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Santander Holdings USA, Inc., 3.00%, 09/24/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>115,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>117,977</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SLM Corp., 4.63%, 09/25/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>172,812</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>State Street Corp., 4.96%, 03/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>330,872</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ventas Realty LP/Ventas Capital Corp., 4.00%, 04/30/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>187,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo & Co., 5.13%, 09/15/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>82,943</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Willis North America, Inc., 6.20%, 03/28/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>278,646</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Zions Bancorporation, 4.50%, 03/27/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>195,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>206,399</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Financials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,091,555</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">86</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Health Care — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Community Health Systems, Inc., 5.13%, 08/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 172,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Express Scripts Holding Co., 3.50%, 11/15/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>159,357</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HCA, Inc., 6.50%, 02/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,562</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tenet Healthcare Corp., 6.25%, 11/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>158,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vanguard Health Holding Company II LLC, 7.75%, 02/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>181,050</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Health Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>910,382</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Industrials — 4.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Delta Air Lines Class A Pass-Through Trust, Series 2010-2A, 4.95%, 05/23/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>862,382</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>916,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deluxe Corp., 7.00%, 03/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HD Supply, Inc., 8.13%, 04/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>187,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hexion US Finance Corp., 6.63%, 04/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kratos Defense & Security Solutions, Inc., 10.00%, 06/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>255,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>274,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ryder System, Inc., 2.50%, 03/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>125,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>125,564</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Spirit Aerosystems, Inc., 7.50%, 10/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Textron, Inc., 4.63%, 09/21/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>433,072</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>UAL 2009-2a Pass-Through Trust, Series 09-2, 9.75%, 01/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>643,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>740,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>United Rentals North America, Inc., 7.38%, 05/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>160,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Industrials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,297,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Information Technology — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dun & Bradstreet Corp. (The), 3.25%, 12/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>302,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equinix, Inc., 4.88%, 04/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>172,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Data Corp., 11.25%, 03/31/16<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>162,113</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Xerox Corp., 4.25%, 02/15/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>50,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>52,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Information Technology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>689,225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Materials — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Calumet Specialty Products Partners LP, 9.38%, 05/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Huntsman International LLC, 4.88%, 11/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>198,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">87</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Materials — 0.8% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Paper Co., 9.38%, 05/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 98,145</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Libbey Glass, Inc., 6.88%, 05/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>96,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,920</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Reynolds Group Issuer LLC, 7.88%, 08/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>164,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>669,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunication Services — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AT&T, Inc., 3.88%, 08/15/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>216,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Centurylink, Inc., Series N, 6.00%, 04/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>162,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 06/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>205,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223,963</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Frontier Communications Corp., 7.13%, 03/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>264,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Qwest Corp., 6.50%, 06/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sprint Nextel Corp., 6.00%, 12/01/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>179,775</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Verizon Communications, Inc., 4.60%, 04/01/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>125,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>135,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunication Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,268,130</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Utilities — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>NRG Energy, Inc., 8.50%, 06/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>182,538</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Corporate Bonds<BR>(Cost $19,387,213)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,825,418</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>FOREIGN BONDS — 5.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Energy — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Petrobras International Finance Co., 3.50%, 02/06/17 (Brazil)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>399,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TNK-BP Finance SA, 7.50%, 07/18/16 (Russia)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>195,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>217,181</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Weatherford Bermuda Holdings Ltd., 9.63%, 03/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>189,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Energy</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>806,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financials — 2.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aircastle Ltd., 6.25%, 12/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>260,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco Bilbao Vizcaya Argentaria US Senior S.A. Unipersonal, 3.25%, 05/16/14 (Spain)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>252,297</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">88</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financials — 2.3% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco Santander Brasil SA/Brazil, 4.50%, 04/06/15 (Brazil)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 252,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banco Santander Chile, 2.15%, 06/07/18 (Chile)@<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>106,067</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deutsche Bank Financial LLC, 5.38%, 03/02/15 (Germany)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>235,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248,838</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Intesa Sanpaolo SpA, 3.13%, 01/15/16 (Italy)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>196,770</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Royal Bank of Scotland Group PLC, 6.40%, 10/21/19<BR> (United Kingdom)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>389,391</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Financials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,906,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Foreign Corporate — 0.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., 2.13%,<BR> 10/13/15 (Netherlands)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>255,991</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Petroleos Mexicanos, 6.00%, 03/05/20 (Mexico)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>386,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Foreign Corporate</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>642,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Foreign Government — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Korea Finance Corp., 4.63%, 11/16/21 (South Korea)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>375,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>383,021</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Health Care — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>VPII Escrow Corp., 6.75%, 08/15/18 (Canada)<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>120,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>123,150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Materials — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Methanex Corp., 3.25%, 12/15/19 (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>96,947</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vale Overseas Ltd., 4.38%, 01/11/22 (Brazil)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>170,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>162,322</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>259,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunication Services — 0.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>America Movil SAB de CV, 2.38%, 09/08/16 (Mexico)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>203,642</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>110,047</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunication Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>313,689</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Foreign Bonds<BR>(Cost $4,593,778)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,434,919</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">89</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>ASSET BACKED SECURITIES — 6.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,050,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 1,043,344</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366,827</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>378,113</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2012-3A, 2.10%, 03/20/19<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>550,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>540,841</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Carmax Auto Owner Trust, Class A3, Series 2012-1, 0.89%,<BR> 09/15/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>275,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>275,731</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%,<BR> 03/20/43<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>308,838</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>309,162</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Domino's Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>269,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>288,467</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Residential Funding Mortgage Securities II Home Loan Trust, Class AIIB, Series 2003-HS2, 0.44%, 06/25/28@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>253,878</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>231,879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>260,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>267,164</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>460,081</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>468,231</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%,<BR> 03/17/25<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>483,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>484,688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SLM Private Education Loan Trust, Class A2, Series 2012-B, 3.48%, 10/15/30<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>209,168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SLM Private Education Loan Trust, Class A2, Series 2012-C, 3.31%, 10/15/46<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>320,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>331,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%,<BR> 07/15/41<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>481,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>512,479</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Volvo Financial Equipment LLC, Class B, Series 2013-1A, 1.24%,<BR> 08/15/19<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>275,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>270,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Asset Backed Securities<BR> (Cost $5,732,522)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,611,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">90</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MORTGAGE BACKED SECURITIES — 45.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial MBS — 8.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>274,872</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 283,472</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2004-T14, 5.20%, 01/12/41@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>893,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>906,815</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>750,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>856,936</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>780,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>861,974</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.98%, 08/10/45@<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,118,641</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>868,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>972,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rialto Real Estate Fund LLC, Class A, Series 2013-LT2, 2.83%,<BR> 05/22/28<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,163</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,605</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wachovia Bank Commercial Mortgage Trust, Class AM,<BR> Series 2007-C30, 5.38%, 12/15/43</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>211,441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wachovia Bank Commercial Mortgage Trust, Class A4,<BR> Series 2007-C31, 5.51%, 04/15/47</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>551,722</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wachovia Bank Commercial Mortgage Trust, Class A3,<BR> Series 2007-C32, 5.94%, 06/15/49@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>975,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,095,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial MBS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,083,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financials — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Banc of America Funding 2004-A Trust, Class 5A1, Series 2004-A, 2.44%, 07/20/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>451,845</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>445,914</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Fixed Income — 34.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>A10 Securitization 2013-1 LLC, Class A, Series 2013-1, 2.40%,<BR> 11/15/25<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>600,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>596,057</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AmeriCredit Automobile Receivables Trust 2011-2, Class D, Series 2011-2, 4.00%, 05/08/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>955,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>992,356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AmeriCredit Automobile Receivables Trust 2013-2, Class D, Series 2013-2, 2.42%, 05/08/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>575,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>560,907</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">91</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Fixed Income — 34.4% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns ARM Trust 2004-1, Class 21A1, Series 2004-1, 2.48%, 04/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>740,676</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 706,539</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns ARM Trust 2004-10, Class 15A1, Series 2004-10, 2.86%, 01/25/35@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>840,087</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>824,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns ARM Trust 2004-10, Class 12A3, Series 2004-10, 2.94%, 01/25/35@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>420,616</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>404,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Class AM, Series 2006-PW13, 5.58%, 09/11/41@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>800,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>876,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15, Class AM, Series 2007-PW15, 5.36%, 02/11/44</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>260,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,829</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Class A4, Series 2007-PW17, 5.69%, 06/11/50@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>650,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>739,233</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CarMax Auto Owner Trust 2009-2, Class B, Series 2009-2, 4.65%, 08/17/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>919,031</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CarMax Auto Owner Trust 2012-1, Class B, Series 2012-1, 1.76%, 08/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>506,135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.45%, 08/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>237,590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Mortgage Trust 2004-GG1, Class A7, Series 2004-GG1, 5.32%, 06/10/36@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>272,511</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>277,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>332,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>339,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cronos Containers Program Ltd., Class A, Series 2012-2A, 3.81%, 09/18/27 (Bermuda)<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>277,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>277,475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DBUBS 2011-LC3 Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,050,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,111,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Drug Royalty II LP 1 2012-1, Class A1, Series 2012-1, 4.28%,<BR> 01/15/25@<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>227,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exeter Automobile Receivables Trust 2013-1, Class C,<BR> Series 2013-1A, 3.52%, 02/15/19<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>490,771</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GMACM Mortgage Loan Trust 2003-J7, Class A10,<BR> Series 2003-J7, 5.50%, 11/25/33</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,351,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,397,129</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GMACM Mortgage Loan Trust 2004-AR1, Class 12A,<BR> Series 2004-AR1, 3.27%, 06/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>517,111</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>525,546</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">92</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Fixed Income — 34.4% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GSAA Trust, Class AF4, Series 2005-1, 5.44%, 11/25/34</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>305,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 326,076</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%,<BR> 01/25/37</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,815</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,560</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Class AM, Series 2006-LDP7, 6.06%, 04/15/45@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,190,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,310,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP9, Class A3, Series 2006-LDP9, 5.34%, 05/15/47</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>745,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>823,657</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP10, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>275,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>276,055</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Class A4, Series 2007-LD12, 5.88%, 02/15/51@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>566,529</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>LB Commercial Mortgage Trust 2007-C3, Class A4, Series 2007-C3, 6.08%, 07/15/44@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>610,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>693,330</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>LB-UBS Commercial Mortgage Trust 2007-C6, Class A4,<BR> Series 2007-C6, 5.86%, 07/15/40@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,222,495</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MASTR Asset Securitization Trust 2004-6, Class 4A1, Series 2004-6, 5.00%, 07/25/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>197,114</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>205,131</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Merrill Lynch Mortgage Trust 2006-C1, Class AM, Series 2006-C1, 5.87%, 05/12/39@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>420,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>457,641</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MID-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>504,749</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>547,357</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Morgan Stanley Capital I Trust 2007-IQ14, Class A4,<BR> Series 2007-IQ14, 5.69%, 04/15/49@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>800,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>894,550</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>RALI Series 2003-QS22 Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>374,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>385,018</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>RALI Series 2004-QS8 Trust, Class A6, Series 2004-QS8, 5.50%,<BR> 06/25/34</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>650,484</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>674,022</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>RFMSI Series 2004-S9 Trust, Class 1A16, Series 2004-S9, 5.50%,<BR> 12/25/34</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>971,994</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>971,033</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">93</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Fixed Income — 34.4% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Santander Drive Auto Receivables Trust 2012-4, Class C,<BR> Series 2012-4, 2.94%, 12/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>360,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 366,031</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Santander Drive Auto Receivables Trust 2013-3, Class C,<BR> Series 2013-3, 1.81%, 04/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>291,551</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sequoia Mortgage Trust, Class A2, Series 2012-4, 3.00%,<BR> 09/25/42@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>625,717</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>623,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Structured Asset Securities Corp., Class 2A, Series 2003-37A, 4.59%, 12/25/33@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220,547</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>218,961</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Structured Asset Securities Corp. Mortgage Pass-Through Certificates SER 2003-33h, Class 1A1, Series 2003-33H, 5.50%, 10/25/33</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>686,240</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>704,521</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wachovia Bank Commercial Mortgage Trust Series 2005-C20, Class AMFX, Series 2005-C20, 5.18%, 07/15/42@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>320,035</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wachovia Bank Commercial Mortgage Trust Series 2007-C31, Class AM, Series 2007-C31, 5.59%, 04/15/47@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,169,274</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WaMu Mortgage Pass-Through Certificates, Class A1,<BR> Series 2003-AR6, 2.44%, 06/25/33@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>379,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>383,225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo Mortgage Backed Securities 2003-J Trust, Class 5A1, Series 2003-J, 4.49%, 10/25/33@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>414,083</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>411,155</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo Mortgage Backed Securities 2004-A Trust, Class A1, Series 2004-A, 4.90%, 02/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>496,211</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>498,877</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo Mortgage Backed Securities 2004-K Trust, Class 2A12, Series 2004-K, 4.73%, 07/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>535,995</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>537,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo Mortgage Backed Securities 2004-K Trust, Class 1A2, Series 2004-K, 2.62%, 07/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>776,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>769,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Wells Fargo Mortgage Backed Securities 2004-Z Trust, Class 2A1, Series 2004-Z, 2.62%, 12/25/34@</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>362,772</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>362,826</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wells Fargo Mortgage Backed Securities 2006-16 Trust, Class A5, Series 2006-16, 5.00%, 11/25/36</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>307,891</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>317,209</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Fixed Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,653,897</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Industrials — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>America West Airlines 2000-1 Pass-Through Trust, Series 001G, 8.06%, 07/02/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>208,834</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>231,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">94</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Industrials — 2.2% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Continental Airlines 1999-2 Class C-2 Pass-Through Trust,<BR> Series AMBC, 6.24%, 03/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>286,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 317,758</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Continental Airlines 2000-1 Class A-1 Pass-Through Trust,<BR> Series 00A1, 8.05%, 11/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>348,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>389,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Northwest Airlines 2002-1 Class G-2 Pass-Through Trust,<BR> Series 02-1, 6.26%, 11/20/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>862,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>918,950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Industrials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,858,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Residential MBS — 0.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31<sup>‡</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>40,775</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39,839</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Mortgage Backed Securities<BR> (Cost $38,802,824)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,081,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>US TREASURY NOTES — 8.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>U.S. Treasury Note, 0.25%, 03/31/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,700,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,698,240</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>U.S. Treasury Note, 0.25%, 05/31/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,492,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>U.S. Treasury Note, 0.38%, 06/30/15</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,000,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,000,430</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total US Treasury Notes<BR>(Cost $7,194,364)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,191,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>US GOVERNMENT AGENCY SECURITIES — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Government National Mortgage Association, Class G,<BR> Series 2009-46, 4.50%, 09/20/34</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>822,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>843,218</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Government National Mortgage Association, Class CA,<BR> Series 2009-22, 4.50%, 12/16/35</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>493,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>506,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Federal Home Loan Mortgage Corporation, Class J,<BR> Series 2012-4011, 4.00%, 12/15/41</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,035,458</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,061,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total US Government Agency Securities<BR> (Cost $2,426,899)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,411,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">95</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>TERM LOANS — 6.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Consumer Discretionary — 2.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Caesars Entertainment Corp., 7.50%, 10/31/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223,840</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 223,467</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CBAC Borrower LLC, 0.00%, 07/02/20<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>203,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Landry's, Inc., 3.50%, 04/24/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,039</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leslie's Poolmart, Inc., 0.00%, 10/16/19<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,917</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MGM Resorts International, 2.50%, 12/20/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>121,694</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>121,162</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Scientific Games International, Inc., 0.00%, 05/22/20<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>140,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>138,652</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Seminole Hard Rock Entertainment, Inc., 2.75%, 05/14/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,925</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Seven Seas Cruises S. DE R.L., 3.50%, 12/21/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>226,406</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SRAM LLC, 3.00%, 04/10/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220,909</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>218,976</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Univision Communications, Inc., 3.25%, 03/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>222,567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Zuffa LLC, 3.50%, 02/25/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>223,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>223,246</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Consumer Discretionary</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,062,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Consumer Staples — 0.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Hostess Brands, Inc., 5.50%, 04/09/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>229,688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Health Care — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Davita, Inc., 3.00%, 11/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,534</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>IASIS Healthcare LLC, 3.25%, 05/03/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>223,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>223,819</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Health Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>448,353</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Industrials — 0.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Avis Budget Car Rental LLC, 0.00%, 03/15/19<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Doncasters Group Ltd., 4.25%, 04/09/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>274,313</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>274,655</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Industrials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>475,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Information Technology — 1.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Blue Coat Systems, inc., 0.00%, 05/31/19<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>209,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">96</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="402"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="85"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal/Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Information Technology — 1.6% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CDW LLC, 2.50%, 04/29/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>221,738</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Data Corp., 4.00%, 03/24/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>244,340</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interactive Data Corp., 0.00%, 02/11/18<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ion Trading Technologies Ltd., 0.00%, 05/22/20<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>209,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Riverbed Technology Inc., 3.00%, 12/18/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>205,429</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>206,713</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Information Technology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,315,814</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Materials — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fortescue Metals Group Ltd., 4.25%, 10/18/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>223,872</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>222,858</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ineos US Finance LLC, 0.00%, 05/04/18<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>196,282</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pact Group USA, Inc., 0.00%, 05/29/20<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>149,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pact Group USA, Inc., 2.75%, 05/29/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>57,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>56,786</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>625,364</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunication Services — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Alcatel-Lucent USA, Inc., 6.25%, 01/30/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>199,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>201,785</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Windstream Corp., 2.75%, 01/23/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>223,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>224,540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunication Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>426,325</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Term Loans<BR>(Cost $5,657,657)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,583,756</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 4.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BofA Cash Reserves Money Market Fund – Capital Class, 0.01%<sup>(c)</sup><BR>(Cost $3,835,905)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,835,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,835,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(d)</sup><BR> (Cost $1,628,015)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,628,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,628,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 105.1%<BR>(Cost $89,259,177)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,602,928</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (5.1%)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,241,107</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>83,361,821</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">97</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> NEWFLEET MULTI-SECTOR INCOME ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">@</TD>
<TD STYLE="text-align: left">Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">‡</TD>
<TD STYLE="text-align: left">Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,589,913; the aggregate market value of the collateral held by the fund is $1,628,015. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">This loan will settle after June 30, 2013, at which time the interest rate will be determined. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield as of June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Backed Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial MBS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Consumer Discretionary</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Consumer Staples</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Financials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fixed Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign Corporate</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign Government</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Health Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Industrials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Information Technology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Materials</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Residential MBS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunication Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US Government Agency Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US Treasury Notes</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Utilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->)</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">98</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tHYLD"></a>ADVISORSHARES<BR> PERITUS HIGH YIELD ETF<BR>Schedule of Investments</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CORPORATE BONDS — 86.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Advertising — 2.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Affinion Group, Inc., 7.88%, 12/15/18<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,530,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 4,202,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sitel Worldwide Corp., 11.00%, 08/01/17‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,979,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,182,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Aerospace/Defense — 2.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ducommun, Inc., 9.75%, 07/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,531,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,777,773</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Erickson Air-Crane, Inc., 8.25%, 05/01/20‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,305,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,226,506</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,004,279</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Agriculture — 1.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>North Atlantic Trading Co., 11.50%, 07/15/16‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,770,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,939,650</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vector Group Ltd., 7.75%, 02/15/21</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>985,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,925,275</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Manufacturers — 1.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Navistar International Corp., 8.25%, 11/01/21<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,773,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,713,338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 1.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Innovation Ventures LLC/Innovation Ventures Finance Corp.,<BR> 9.50%, 08/15/19‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,325,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,473,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Chemicals — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Phibro Animal Health Corp., 9.25%, 07/01/18‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,330,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,596,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Coal — 1.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Arch Coal, Inc., 9.88%, 06/15/19‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,565,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,359,575</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 5.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DynCorp International, Inc., 10.38%, 07/01/17<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,829,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,877,290</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Harland Clarke Holdings Corp., 9.50%, 05/15/15<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,658,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,629,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Harland Clarke Holdings Corp., 9.75%, 08/01/18‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,254,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Southern Graphics, Inc., 8.38%, 10/15/20‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,425,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,474,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">99</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PERITUS HIGH YIELD ETF<BR>Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 5.1% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>StoneMor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>920,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 906,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,141,599</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Computers — 3.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>j2 Global, Inc., 8.00%, 08/01/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,220,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,281,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Spansion LLC, 7.88%, 11/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,347,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Stream Global Services, Inc., 11.25%, 10/01/14</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,851,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,923,765</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,552,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 3.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CNG Holdings, Inc./OH, 9.38%, 05/15/20‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,525,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,331,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>GFI Group, Inc., 9.63%, 07/19/18<sup>#</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,575,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,460,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,792,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment — 1.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Advanced Lighting Technologies, Inc., 10.50%, 06/01/19‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,600,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,240,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — 4.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>KEMET Corp., 10.50%, 05/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,925,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,023,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sanmina-SCI Corp., 7.00%, 05/15/19‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,930,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,067,550</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Viasystems, Inc., 7.88%, 05/01/19‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,765,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,930,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,021,575</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Environmental Control — 3.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Casella Waste Systems, Inc., 7.75%, 02/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,114,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,883,870</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>EnergySolutions, Inc./EnergySolutions LLC, 10.75%, 08/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,050,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,384,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Environmental Control</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,267,995</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Food — 5.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chiquita Brands International, Inc., 7.88%, 02/01/21‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,465,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Harmony Foods Corp., 10.00%, 05/01/16‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,548,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,694,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Simmons Foods, Inc., 10.50%, 11/01/17‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,040,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,272,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SUPERVALU, Inc., 6.75%, 06/01/21‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,880,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,312,060</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">100</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PERITUS HIGH YIELD ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Forest Products & Paper — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Exopack Holding Corp., 10.00%, 06/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,904,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 3,972,320</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Products — 4.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Alere, Inc., 8.63%, 10/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,590,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,790,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,981,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rotech Healthcare, Inc., 10.75%, 10/15/15<sup>ˆ</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,885,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,988,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,560,406</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Services — 8.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Alliance Healthcare Services, Inc., 8.00%, 12/01/16</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,960,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,009,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apria Healthcare Group, Inc., 12.38%, 11/01/14<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>798,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>810,967</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kindred Healthcare, Inc., 8.25%, 06/01/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,590,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,727,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Radiation Therapy Services, Inc., 8.88%, 01/15/17<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,905,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,635,225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Radnet Management, Inc., 10.38%, 04/01/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,955,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,251,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Select Medical Corp., 6.38%, 06/01/21‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,814,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%,<BR> 06/15/17‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,765,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,751,175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,000,692</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Leisure Time — 1.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>ICON Health & Fitness, 11.88%, 10/15/16‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,025,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Metal Fabricate/Hardware — 1.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>American Piping Products, Inc., 12.88%, 11/15/17‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,405,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,891,525</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Mining — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Molycorp, Inc., 10.00%, 06/01/20<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,565,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,425,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing — 2.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Iracore International Holdings, Inc., 9.50%, 06/01/18‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,255,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,316,031</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>JB Poindexter & Co., Inc., 9.00%, 04/01/22‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,965,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,128,075</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,444,106</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">101</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PERITUS HIGH YIELD ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Quicksilver Resources, Inc., 9.13%, 08/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,445,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,945,475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Seitel, Inc., 9.50%, 04/15/19‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,685,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,720,137</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Venoco, Inc., 11.50%, 10/01/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,625,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,851,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Venoco, Inc., 8.88%, 02/15/19</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,000,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,960,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,477,175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 3.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ferrellgas Partners LP, 8.63%, 06/15/20</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,552,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,654,420</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>RadioShack Corp., 6.75%, 05/15/19<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,792,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,199,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,853,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Storage/Warehousing — 0.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Niska Gas Storage Partners LLC, 8.88%, 03/15/18</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,407,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — 13.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cincinnati Bell, Inc., 8.75%, 03/15/18<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,255,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,287,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EarthLink, Inc., 8.88%, 05/15/19<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,430,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,307,825</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EarthLink, Inc., 7.38%, 06/01/20‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,230,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,116,950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fairpoint Communications, Inc., 8.75%, 08/15/19‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,124,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Frontier Communications Corp., 7.63%, 04/15/24</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,680,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,715,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NII Capital Corp., 10.00%, 08/15/16<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,720,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,577,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Primus Telecommunications Holding, Inc., Series AI-X, 10.00%,<BR> 04/15/17</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,252,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,380,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Era Group, Inc., 7.75%, 12/15/22</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,361,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Corporate Bonds<BR> (Cost $223,496,435)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>224,383,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">102</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PERITUS HIGH YIELD ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="402"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="85"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Principal/Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>FOREIGN BONDS — 11.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Environmental Control — 1.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Tervita Corp., 8.00%, 11/15/18 (Canada)‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,685,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,710,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Forest Products & Paper — 1.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Millar Western Forest Products Ltd., 8.50%, 04/01/21 (Canada)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,118,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 4.3%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Connacher Oil And Gas Ltd., 8.50%, 08/01/19 (Canada)‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,450,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,321,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lightstream Resources Ltd., 8.63%, 02/01/20 (Canada)‡</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,445,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,244,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Welltec A/S, 8.00%, 02/01/19 (Denmark)‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,360,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,466,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,032,175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 3.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CHC Helicopter SA, 9.25%, 10/15/20 (Luxembourg)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,486,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,560,580</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CHC Helicopter SA, 9.38%, 06/01/21 (Luxembourg)‡<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,305,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,293,475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Navios Maritime Holdings, Inc., 8.13%, 02/15/19 (Marshall Islands)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,497,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,235,893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,089,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Foreign Bonds<BR> (Cost $30,464,719)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,951,332</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BlackRock Liquidity Funds TempFund Portfolio – Dollar Class, 0.01%<sup>(b)</sup><BR> (Cost $2,320,848)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,320,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,320,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 17.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR> (Cost $46,056,940)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>46,056,940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>46,056,940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 116.2%<BR>(Cost $302,338,942)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>301,712,344</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (16.2%)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(41,983,509</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>259,728,835</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">‡</TD>
<TD STYLE="text-align: left">Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. </TD>
</TR>
</TABLE>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">#</TD>
<TD STYLE="text-align: left">Represents step coupon bond. Rate shown reflects the rate in effect at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">103</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PERITUS HIGH YIELD ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">ˆ</TD>
<TD STYLE="text-align: left">Represents issuer in default on interest payments and/or principal repayment; non income producing security. </TD>
</TR>
</TABLE>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $44,914,426; the aggregate market value of the collateral held by the fund is $45,056,940. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Manufacturers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Environmental Control</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Products & Paper</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare-Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare-Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leisure Time</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Metal Fabricate/Hardware</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Storage/Warehousing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(16.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">104</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tDBIZ"></a>ADVISORSHARES<BR> PRING TURNER BUSINESS CYCLE ETF<BR> Schedule of Investments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 41.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 4.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Royal Bank of Canada (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,883</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 109,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wells Fargo & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,881</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>118,899</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>228,697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Coal — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Alliance Resource Partners, LP</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>924</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>65,262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 3.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apollo Group, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,064</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,734</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Paychex, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,917</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>106,529</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>196,263</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>MDU Resources Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,602</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>119,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Holding Companies – Diversified — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Leucadia National Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,393</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>62,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 3.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>American International Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,413</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,161</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Aon PLC (United Kingdom)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,739</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>111,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>175,066</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Mining — 3.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Franco-Nevada Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95,112</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Royal Gold, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>722</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,382</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Silver Wheaton Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,062</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>60,230</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>185,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 5.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Enerplus Corp. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,236</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>121,810</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Seadrill Ltd. (Norway)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,682</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>109,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Whiting Petroleum Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>101,398</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>332,473</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 3.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Abbott Laboratories</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Eli Lilly & Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,029</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pfizer, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>109,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>213,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">105</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PRING TURNER BUSINESS CYCLE ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pipelines — 1.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Kinder Morgan, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,881</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>109,910</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trust — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lexington Realty Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,002</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,423</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rayonier, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>55,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Real Estate Investment Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>113,647</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 1.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Intel Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,277</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>103,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Microsoft Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>63,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — 4.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cisco Systems, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,946</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>120,237</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Verizon Communications, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,246</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>113,064</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>233,301</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 3.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Navios Maritime Partners, LP (Greece)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>115,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Union Pacific Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>389</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>60,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>175,210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $2,333,446)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,377,618</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 28.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 19.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Peritus High Yield ETF†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>282,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim BulletShares 2015 High Yield Corporate Bond ETF<sup><sup>(a)</sup></sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>279,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares 20+ Year Treasury Bond ETF<sup><sup>(a)</sup></sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>215,358</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PIMCO Enhanced Short Maturity ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>565</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,218</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>PowerShares Senior Loan Portfolio<sup><sup>(a)</sup></sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>11,362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>281,209</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,115,431</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 9.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ProShares Short Russell2000*<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,192</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>169,001</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ProShares Short S&P500*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,397</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR Dow Jones International Real Estate ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,682</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107,012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR S&P International Dividend ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>151,465</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>528,335</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $1,715,993)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,643,766</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">106</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> PRING TURNER BUSINESS CYCLE ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 29.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Dreyfus Government Cash Management – Investor Shares, 0.01%<sup>(b)</sup><BR>(Cost $1,703,387)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,703,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,703,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 11.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(c)</sup><BR>(Cost $632,149)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>632,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>632,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 111.0%<BR> (Cost $6,384,975)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,356,920</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (11.0%)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(627,795</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>5,729,125</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">LP — Limited Partnership </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PLC — Public Limited Company </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">†</TD>
<TD STYLE="text-align: left">Affiliated company </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $618,005; the aggregate market value of the collateral held by the fund is $632,149. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="528"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coal</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Holding Companies – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pipelines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Real Estate Investment Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>111.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(11.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">107</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tQEH"></a>ADVISORSHARES<BR> QAM EQUITY HEDGE ETF<BR>Schedule of Investments</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 81.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commodity Fund — 0.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Gold Trust*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,397</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 28,740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 19.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays Short Treasury Bond Fund<sup><sup>(a)</sup></sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,405</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>375,299</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR Barclays 1 – 3 Month T-Bill ETF*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>374,827</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>750,126</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 61.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>First Trust Dow Jones Internet Index Fund*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,424</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,650</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global X China Consumer ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>607</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim China Real Estate ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,682</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim China Small Cap Index ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>110,361</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim China Technology ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,902</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,273</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim Raymond James SB-1 Equity ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,624</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,207</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim S&P 500 Equal Weight ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,456</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>334,616</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim S&P 500 Equal Weight Financials ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>185,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim S&P 500 Equal Weight Healthcare ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>129</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,133</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim S&P 500 Equal Weight Technology ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>498</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Guggenheim S&P Midcap 400 Pure Growth ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62,909</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Core S&P SmallCap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Medical Devices Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Pharmaceuticals Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,001</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI EAFE Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>96,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Europe Financial Sector Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,432</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI India ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,123</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI India Small-Cap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,985</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Indonesia ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,071</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,383</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Pacific Ex-Japan Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>301</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Russia Capped Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>524</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,066</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI South Korea Capped Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Taiwan Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Thailand Capped Investable Market Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>227</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI U.K. Small Capital Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>891</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">108</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> QAM EQUITY HEDGE ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 61.9% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI United Kingdom Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,644</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Russell 1000 Growth Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,809</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Russell 1000 Value Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>593</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,687</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Russell 2000 Growth Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Russell 2000 Value Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,138</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Russell Microcap Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88,013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares S&P Global Materials Sector Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>319</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares S&P North American Natural Resources Sector Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,925</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>111,911</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares S&P/TOPIX 150 Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>588</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,342</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Market Vectors Brazil Small-Cap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43,216</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Market Vectors China ETF*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>676</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,348</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Market Vectors Uranium+Nuclear Energy ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,562</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares Dynamic Market Portfolio</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>855</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR Russell/Nomura Small Cap Japan ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,637</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>76,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P Emerging Latin America ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>162</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,910</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR S&P Emerging Markets SmallCap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,648</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>116,538</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,433,508</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR> (Cost $3,018,069)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,212,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 18.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>JP Morgan Prime Money Market Fund – Institutional Class, 0.03%<sup>(b)</sup> (Cost $736,137)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>736,137</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>736,137</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investments Before Securities Sold, Not Yet Purchased<BR> (Cost $3,754,206)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,948,511</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Securities Sold, Not Yet Purchased — (5.8)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — (5.8)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Currency Fund — (5.8)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CurrencyShares British Pound Sterling Trust*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(826</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(124,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>CurrencyShares Euro Currency Trust*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(812</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(104,691</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Securities Sold, Not Yet Purchased<BR> [Proceeds Received $(235,030)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(228,707</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 94.6%<BR> (Cost $3,519,176)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,719,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities — 5.4%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>211,717</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>3,931,521</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">109</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
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<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> QAM EQUITY HEDGE ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">A portion of the security is segregated as collateral in connection with swaps positions carried by the fund in the amount of $249,097. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield as of June 30, 2013. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash of $229,351 has been segregated to cover requirement for open short sales as of June 30, 2013. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="528"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commodity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Currency Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Total Return Swaps contracts outstanding as of June 30, 2013 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="142"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="78"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Reference Entity</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Annual Financing Rate Received (Paid)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Termination Date</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Notional Amounts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair Value</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Unrealized Appreciation/ (Depreciation)</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CurrencyShares Japanese Yen Trust</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8/16/2013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(129,347</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(124,148</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,199</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EURO STOXX Large Net Return USD</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8/16/2013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,163</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>EURO STOXX Mid Net Return</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8/16/2013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,417</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93,730</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,687</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Market Vectors Russia<BR> Small-Cap ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8/16/2013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>67,525</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>63,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,951</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Unrealized Depreciation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(5,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Societe Generale acts as the counterparty to the equity index swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon financing rate. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">110</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tHDGE"></a>ADVISORSHARES<BR> RANGER EQUITY BEAR ETF†<BR>Schedule of Investments<BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="90"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUNDS — 42.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fidelity Institutional Government Money Market Portfolio – Class III, 0.01%<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,389,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 42,389,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Morgan Stanley Institutional Liquidity Funds – Government Portfolio, 0.05%<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>50,000,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50,000,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investments Before Securities Sold, Not Yet Purchased<BR> (Cost $92,389,265)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>92,389,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Securities Sold, Not Yet Purchased — (98.0)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — (98.0)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Agriculture — (3.3)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Bunge Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(102,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,246,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Apparel — (1.5)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Coach, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(57,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,282,675</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment — (1.4)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Goodyear Tire & Rubber Co. (The)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(196,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,998,369</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — (12.4)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bank of Montreal (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(82,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,775,869</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deutsche Bank AG (Germany)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(221,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,304,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fifth Third Bancorp</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(190,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,440,330</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Royal Bank of Canada (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(82,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,822,237</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Toronto-Dominion Bank (The) (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(60,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,822,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(27,165,146</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — (0.9)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Green Mountain Coffee Roasters, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(27,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,026,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — (2.3)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>ADT Corp. (The)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(123,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,937,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Computers — (5.9)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>International Business Machines Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(23,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,414,641</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MICROS Systems, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(110,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,746,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SanDisk Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(62,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,788,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(12,949,341</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">111</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> RANGER EQUITY BEAR ETF†<BR><B>Schedule of Investments (continued)</B><BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="405"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="93"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale — (4.8)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Arrow Electronics, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(93,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (3,733,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fastenal Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(72,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,305,785</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Fossil Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(34,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,512,540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,552,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment — (2.2)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Universal Display Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(169,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,750,590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — (3.5)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>National Instruments Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(271,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,588,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — (8.1)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Constant Contact, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,214,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>eBay, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(67,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,475,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equinix, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(33,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,132,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>F5 Networks, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(33,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,291,040</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Splunk, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(56,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,614,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(17,728,032</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Iron/Steel — (2.4)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cliffs Natural Resources, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(130,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,112,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Vale SA (Brazil)<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(235,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,090,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Iron/Steel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,202,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Leisure Time — (2.5)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Brunswick Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(170,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,437,890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery – Construction & Mining — (1.4)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Terex Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(114,444</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,009,877</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Mining — (3.6)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rio Tinto PLC (United Kingdom)<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(69,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,850,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Teck Resources Ltd., Class B (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(234,950</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,020,882</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,871,834</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — (1.9)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apache Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,353,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Patterson-UTI Energy, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(38,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(745,167</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,098,367</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">112</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> RANGER EQUITY BEAR ETF†<BR><B>Schedule of Investments (continued)</B><BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="405"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="93"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas Services — (1.9)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>C&J Energy Services, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(184,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,564,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>RPC, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(42,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(585,544</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,149,624</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Real Estate — (2.6)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Brookfield Asset Management, Inc., Class A (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(154,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,572,294</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Brookfield Property Partners LP (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(8,879</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(180,244</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Real Estate</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,752,538</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — (9.5)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chipotle Mexican Grill, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,222,535</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Family Dollar Stores, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(137,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,561,394</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sally Beauty Holdings, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(144,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,478,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Ulta Salon, Cosmetics & Fragrance, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(54,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,478,752</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(20,741,081</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — (6.7)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Altera Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(242,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,009,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cavium, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(185,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(6,575,283</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(14,585,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — (7.9)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ACI Worldwide, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(103,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,819,976</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CSG Systems International, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(149,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,233,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>E2open, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(271,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,742,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>ServiceNow, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(111,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,495,407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(17,291,183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — (9.1)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Centurylink, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(233,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,254,225</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Consolidated Communications Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,046,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Level 3 Communications, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(220,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,637,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Windstream Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,855,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,793,575</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Trucking & Leasing — (2.2)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>TAL International Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(113,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,923,410</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Securities Sold, Not Yet Purchased [Proceeds Received $(209,364,711)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(214,083,194</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">113</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> RANGER EQUITY BEAR ETF†<BR>Schedule of Investments (continued)<BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="405"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="93"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — (55.7)%<BR> [Cost $(116,975,446)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(121,693,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities — 155.7%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>340,051,145</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>218,357,216</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">LP — Limited Partnership </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PLC — Public Limited Company </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">†</TD>
<TD STYLE="text-align: left">Formerly Active Bear ETF </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Registered Shares </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">American Depositary Receipt </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash of $247,648,442 has been segregated to cover requirement for open short sales as of June 30, 2013. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Agriculture</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distribution/Wholesale</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electrical Components & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Iron/Steel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leisure Time</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery – Construction & Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mining</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Real Estate</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trucking & Leasing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(55.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>155.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">114</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tVEGA"></a>ADVISORSHARES<BR> STAR GLOBAL BUY-WRITE ETF<BR>Schedule of Investments</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXCHANGE TRADED FUNDS — 65.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commodity Fund — 7.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares DB Gold Fund*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 95,530</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>PowerShares DB Precious Metals Fund*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>41,478</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,674,467</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commodity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,769,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Debt Fund — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 20+ Year Treasury Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,327</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,207</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>473,108</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>492,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Equity Fund — 54.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,239,246</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Real Estate Index Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,550</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,555,185</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Emerging Markets Index Fund<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,664</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,764,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>17,301</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,768,333</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,326,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Exchange Traded Funds<BR>(Cost $14,981,047)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,589,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>U.S. TREASURY NOTES — 8.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>U.S. Treasury Note, 4.25%, 08/15/13<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>954,935</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>U.S. Treasury Note, 4.25%, 11/15/13<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>964,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total U.S. Treasury Notes<BR>(Cost $1,919,292)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,919,594</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 21.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BlackRock Liquidity Funds -T- Fund Portfolio – Institutional Class, 0.01%<sup>(b)</sup><BR>(Cost $4,719,548)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,719,548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,719,548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>PURCHASED PUT OPTIONS — 0.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 12/21/13 @ $115.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>526</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 01/18/14 @ $120.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,410</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 03/22/14 @ $125.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 06/21/14 @ $130.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,765</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Purchased Put Options<BR>[Cost $259,894]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>84,316</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investments Before Written Options — 95.0%<BR>(Cost $21,879,781)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>21,312,734</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">115</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> STAR GLOBAL BUY-WRITE ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>WRITTEN CALL OPTIONS — (0.9)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund Option expiring 08/17/13,<BR> Strike Price $80.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (10,920</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund Option expiring 07/20/13,<BR> Strike Price $81.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(630</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund Option expiring 08/17/13,<BR> Strike Price $81.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,215</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund Option expiring 07/20/13,<BR> Strike Price $83.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(245</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund Option expiring 07/20/13,<BR> Strike Price $84.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Energy Select Sector SPDR Fund Option expiring 07/20/13,<BR> Strike Price $86.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(127</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 08/17/13, Strike Price $90.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,190</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Emerging Markets Index Fund Option expiring<BR> 08/17/13, Strike Price $41.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(15,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Emerging Markets Index Fund Option expiring<BR> 08/17/13, Strike Price $41.50</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,452</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Emerging Markets Index Fund Option expiring<BR> 08/17/13, Strike Price $42.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(684</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares MSCI Emerging Markets Index Fund Option expiring<BR> 08/17/13, Strike Price $42.50</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(74</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(925</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Real Estate Index Fund Option expiring<BR> 08/17/13, Strike Price $65.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(514</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(136,210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Dow Jones US Real Estate Index Fund Option expiring<BR> 07/20/13, Strike Price $68.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares DB Gold Fund Option expiring 07/20/13,<BR> Strike Price $47.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(275</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares DB Precious Metals Fund Option expiring 07/20/13, Strike Price $46.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(84</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares DB Precious Metals Fund Option expiring 07/20/13, Strike Price $47.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(254</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PowerShares DB Precious Metals Fund Option expiring 07/20/13, Strike Price $48.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,330</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 08/17/13,<BR> Strike Price $165.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,485</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 08/17/13,<BR> Strike Price $166.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 07/20/13,<BR> Strike Price $169.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">116</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> STAR GLOBAL BUY-WRITE ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>WRITTEN CALL OPTIONS — (0.9)% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 07/20/13,<BR> Strike Price $170.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(53</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 08/17/13,<BR> Strike Price $170.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,795</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPDR S&P 500 ETF Trust Option expiring 07/20/13,<BR> Strike Price $172.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Written Call Options<BR>[Premiums Received $(195,396)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(203,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>WRITTEN PUT OPTIONS — (0.5)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 20+ Year Treasury Bond Fund Option expiring<BR> 07/20/13 @ $111.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 20+ Year Treasury Bond Fund Option expiring<BR> 07/20/13 @ $112.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 20+ Year Treasury Bond Fund Option expiring<BR> 07/20/13 @ $113.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,760</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares Barclays 20+ Year Treasury Bond Fund Option expiring<BR> 07/20/13 @ $115.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 08/17/13 @ $90.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(27</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,522</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 07/20/13 @ $91.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,120</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 07/20/13 @ $94.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(14,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 07/20/13 @ $95.00</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(9,500</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Written Put Options<BR>[Premiums Received $(46,118)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(112,906</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Written Options — (1.4)%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>[Premiums Received $(241,514)]</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(315,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 93.6%<BR>(Cost $21,638,267)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,996,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities — 6.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,431,059</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>22,427,803</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ETF — Exchange Traded Fund </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $7,309,097, which includes cash in the amount of $1,040,375 as of June 30, 2013.</TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield as of June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">117</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> STAR GLOBAL BUY-WRITE ETF<BR>Schedule of Investments (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="504"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commodity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Debt Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>U.S. Treasury Notes</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Purchased Put Options</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Written Call Options</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Written Put Options</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93.6</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other Assets in Excess of Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">118</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tTTFS"></a>ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR>Schedule of Investments<BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 99.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Advertising — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interpublic Group of Cos., Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 260,503</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Omnicom Group, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>259,339</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>519,842</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Aerospace/Defense — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>L-3 Communications Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>260,392</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Northrop Grumman Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,158</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rockwell Collins, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>250,153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>772,027</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Airlines — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Southwest Airlines Co.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>18,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>240,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Apparel — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coach, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251,710</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Iconix Brand Group, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,681</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>255,308</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>507,018</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Visteon Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,069</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>256,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Banks — 5.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CapitalSource, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,652</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,376</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Comerica, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,700</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>266,861</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>East West Bancorp, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,779</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>268,922</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goldman Sachs Group, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,528</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>231,110</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>State Street Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,877</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>252,819</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,279,088</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Brown-Forman Corp., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>247,165</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Coca-Cola Enterprises, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251,535</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Monster Beverage Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,241</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>257,726</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>756,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">119</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Biotechnology — 1.8%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Celgene Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,174</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 254,163</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Myriad Genetics, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>204,158</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>458,321</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Chemicals — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CF Industries Holdings, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>232,554</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cytec Industries, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,566</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,210</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>PPG Industries, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,698</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>248,604</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>742,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 5.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ADT Corp. (The)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>257,790</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Heartland Payment Systems, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>298,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PAREXEL International Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251,292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vantiv, Inc., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,865</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>272,274</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Western Union Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>15,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>269,123</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,348,479</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Computers — 1.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apple, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>231,311</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>j2 Global, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>264,667</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>495,978</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Discover Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,341</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>254,445</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Greenhill & Co., Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,530</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>252,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>World Acceptance Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>238,216</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>745,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electric — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Calpine Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>12,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>257,244</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — 1.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>FLIR Systems, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>10,707</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>288,768</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">120</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR> Schedule of Investments (continued)<BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Engineering & Construction — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>AECOM Technology Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,303</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 263,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Entertainment — 3.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bally Technologies, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,531</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>255,639</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dolby Laboratories, Inc., Class A<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,273</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lions Gate Entertainment Corp. (Canada)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,951</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>245,884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Six Flags Entertainment Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,920</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>243,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Entertainment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>995,103</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Forest Products & Paper — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Domtar Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>239,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Hand/Machine Tools — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Stanley Black & Decker, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,194</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>246,896</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Products — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boston Scientific Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>256,371</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>St. Jude Medical, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>268,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>525,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Services — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>HealthSouth Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,562</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>246,586</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Household Products/Wares — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Tupperware Brands Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>244,646</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 9.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aon PLC (United Kingdom)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,965</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aspen Insurance Holdings Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,995</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,445</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Assurant, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,138</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,576</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Everest Re Group Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,024</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lincoln National Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>265,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PartnerRe Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,881</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>260,903</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>RenaissanceRe Holdings Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,028</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>262,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">121</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 9.1% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Torchmark Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 260,560</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Unum Group</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,111</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>267,590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,348,537</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AOL, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,290</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>265,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Liberty Interactive Corp., Class A*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,369</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Yahoo! Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,675</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>242,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>770,479</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Lodging — 2.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marriott International, Inc., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,209</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,657</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wyndham Worldwide Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,495</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>257,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Lodging</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>507,906</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery – Diversified — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Babcock & Wilcox Co. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>257,267</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Flowserve Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>247,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Graco, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>258,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>762,998</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Media — 4.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>CBS Corp., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,446</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>266,146</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>DIRECTV*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,164</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>256,586</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Time Warner Cable, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>304,146</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Viacom, Inc., Class B</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,833</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>260,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Media</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,087,713</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing — 2.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dover Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,241</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251,696</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Illinois Tool Works, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,698</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>255,791</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SPX Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,286</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>236,526</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>744,013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas — 0.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Western Refining, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,181</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>229,641</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">122</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Packaging & Containers — 4.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ball Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,995</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 249,032</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Graphic Packaging Holding Co.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>265,962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Packaging Corp. of America</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>255,767</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Rock Tenn Co., Class A</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>258,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Packaging & Containers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,028,851</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 4.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Endo Health Solutions, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>244,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mylan, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,287</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Omnicare, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,468</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>260,878</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pfizer, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,081</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>254,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,019,324</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 10.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AutoNation, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,818</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>252,443</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AutoZone, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>264,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bed Bath & Beyond, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>265,875</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gap, Inc. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,201</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>258,768</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Macy's, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,274</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>253,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nordstrom, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,296</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>257,502</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>O'Reilly Automotive, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,350</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>264,657</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Papa John's International, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,897</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>254,747</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>PetSmart, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,750</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251,213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sally Beauty Holdings, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>8,681</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>269,979</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,593,142</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 5.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lam Research Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,418</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>240,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Marvell Technology Group Ltd. (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,546</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>275,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NVIDIA Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>251,544</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QLogic Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,077</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>249,296</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Semtech Corp.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,306</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>255,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,272,727</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">123</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Software — 4.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BMC Software, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,708</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 257,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dun & Bradstreet Corp. (The)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,606</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>253,955</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronic Arts, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,045</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>253,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Verint Systems, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,456</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>264,464</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,029,782</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Telecommunications — 2.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ADTRAN, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,702</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>263,376</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>T-Mobile US, Inc.*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>11,850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>293,999</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>557,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Textiles — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cintas Corp.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,683</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>258,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $25,231,426)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,641,591</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 1.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(b)</sup><BR>(Cost $243,415)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>243,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>243,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 100.9%<BR>(Cost $25,474,841)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,885,006</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (0.9)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(227,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>25,657,093</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $238,085; the aggregate market value of the collateral held by the fund is $243,415. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">124</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> TRIMTABS FLOAT SHRINK ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="520"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advertising</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Aerospace/Defense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Airlines</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Apparel</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auto Parts & Equipment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Banks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electric</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Engineering & Construction</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Entertainment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Products & Paper</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hand/Machine Tools</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Household Products/Wares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lodging</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Media</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Miscellaneous Manufacturing</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Packaging & Containers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Software</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Telecommunications</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Textiles</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">125</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tAADR"></a>ADVISORSHARES<BR> WCM/BNY MELLON FOCUSED GROWTH ADR ETF<BR>Schedule of Investments<BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMMON STOCKS — 96.6%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Beverages — 3.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Coca-Cola Enterprises, Inc.</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>247,843</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Biotechnology — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Novozymes A/S (Denmark)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,825</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>219,151</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Chemicals — 3.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Potash Corp. of Saskatchewan, Inc. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,144</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>272,401</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Commercial Services — 4.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>SGS SA (Switzerland)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>14,053</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>301,999</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care — 2.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>L'Oreal SA (France)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,567</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>182,876</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diversified Financial Services — 3.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Lazard Ltd., Class A (Bermuda)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>7,469</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>240,128</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Electronics — 3.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sensata Technologies Holding N.V. (Netherlands)*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>225,978</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Food — 14.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>BRF SA (Brazil)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>246,604</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Jeronimo Martins, SGPS, SA (Portugal)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,516</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Nestle SA (Switzerland)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>288,643</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shoprite Holdings Ltd. (South Africa)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,260</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>195,935</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Want Want China Holdings Ltd. (China)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>145,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,042,439</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Forest Products & Paper — 3.4%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Svenska Cellulosa AB (Sweden)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>251,569</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">126</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> WCM/BNY MELLON FOCUSED GROWTH ADR ETF<BR>Schedule of Investments (continued)<BR></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Healthcare – Products — 7.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Covidien PLC (Ireland)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 262,671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shandong Weigao Group Medical Polymer Co. Ltd. (China)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>129,514</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Sysmex Corp. (Japan)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>5,730</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>189,262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>581,447</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Holding Companies – Diversified — 2.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>LVMH Moet Hennessy Louis Vuitton SA (France)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>4,842</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>156,982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Insurance — 4.3%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>ACE Ltd. (Switzerland)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>319,802</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Internet — 8.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ASOS PLC (United Kingdom)*<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,550</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>156,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MercadoLibre, Inc (Argentina).</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,515</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>163,256</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Tencent Holdings Ltd. (China)<sup>(a)</sup><sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,985</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>272,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>591,707</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Machinery – Diversified — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>FANUC Corp. (Japan)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>9,118</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>220,382</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Oil & Gas Services — 4.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Core Laboratories N.V. (Netherlands)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,927</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>292,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Pharmaceuticals — 3.0%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>NOVO Nordisk A/S (Denmark)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>1,431</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>221,762</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Retail — 7.5%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Arcos Dorados Holdings, Inc., Class A (Argentina)<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>235,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Inditex SA (Spain)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>126,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Wal-Mart de Mexico SAB de CV (Mexico)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>6,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>186,312</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>548,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 11.9%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Arm Holdings PLC (United Kingdom)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>161,146</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>ASML Holding N.V. (Netherlands)<sup>(c)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,689</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>291,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">127</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> WCM/BNY MELLON FOCUSED GROWTH ADR ETF<BR><B>Schedule of Investments (continued)<BR></B></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="408"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Semiconductors — 11.9% (continued)<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>22,814</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>417,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>870,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Transportation — 4.2%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Canadian National Railway Co. (Canada)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>3,159</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>307,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Common Stocks<BR>(Cost $6,385,358)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,095,329</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>MONEY MARKET FUND — 3.7%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Invesco Government & Agency Portfolio – Private Investment Class, 0.02%<sup>(d)</sup><BR> (Cost $274,864)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>274,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>274,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED — 7.1%<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>BNY Mellon Securities Lending Overnight Fund, 0.06%<sup>(e)</sup><BR>(Cost $518,737)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>518,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>518,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments — 107.4%<BR>(Cost $7,178,959)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,888,930</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets — (7.4)%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(543,324</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets — 100.0%</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>7,345,606</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PLC — Public Limited Company </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Non-income producing security </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">All or a portion of security is on loan. The aggregate market value of the securities on loan is $545,433; the aggregate market value of the collateral held by the fund is $565,850. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $47,113. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">American Depositary Receipt </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Registered Shares </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 7-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(e)</TD>
<TD STYLE="text-align: left">Rate shown reflects the 1-day yield at June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">128</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES<BR> WCM/BNY MELLON FOCUSED GROWTH ADR ETF<BR> Schedule of Investments (continued) </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUMMARY OF SCHEDULE OF INVESTMENTS </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="520"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>% of<BR> Net Assets</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beverages</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Biotechnology</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Chemicals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.7</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commercial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cosmetics/Personal Care</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diversified Financial Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Electronics</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Food</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Forest Products & Paper</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Healthcare – Products</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Holding Companies – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.1</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.3</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Internet</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery – Diversified</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Oil & Gas Services</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pharmaceuticals</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Retail</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Semiconductors</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.9</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transportation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10.8</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Liabilities in Excess of Other Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7.4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100.0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">129</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSAL"></a>ADVISORSHARES TRUST<BR> Statements of Assets and Liabilities </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="253"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3> <BR>AdvisorShares Accuvest Global Long Short<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Accuvest Global Opportunities<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Cambria Global Tactical<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Global Alpha & Beta<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Global<BR> Echo<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Madrona<BR> Domestic<BR> ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments, at Cost</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,905,881</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,343,909</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,511,008</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,323,568</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,352,336</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,920,422</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Investments in Affiliates, at Cost (Note 8)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>26,047</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments, at Market Value (including securities on loan) (Note 2)(a)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,004,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,118,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,014,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,429,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,538,317</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,789,506</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments in Affiliates, at Market Value (Note 8)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,840</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>106,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash collateral held at brokers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,462,543</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Receivable from Securities Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,691,649</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>82,649</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital Shares Receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,076,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized Appreciation on Swaps Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>825,282</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividends and Interest Receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>510,367</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>197,999</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>170,168</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,327</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,714</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Reclaim Receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>322</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Due from Investment Advisor</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Prepaid Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,413</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,156</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,283</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,065</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>54,887,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,322,850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>65,884,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,473,927</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,763,353</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,818,909</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>LIABILITIES<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Due to Custodian</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,588,335</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash collateral for securities on loan</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,442,725</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,252,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>149,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>159,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Securities Sold, Not Yet Purchased (b)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,197,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options Written, at Value (c)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized Depreciation on Swaps Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,392</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,581</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,127</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,274</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Payable for Securities Purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,068,007</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,577,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>168,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital Shares Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Payable on Securities Sold, Not Yet Purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>120,503</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trustee Fees Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>171,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Payable to Global Echo Foundation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,796</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Accrued Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>44,393</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,024</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>63,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>54,106</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,314,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,492,968</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,941,978</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>117,404</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>325,268</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>225,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET ASSETS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>42,572,546</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>17,829,882</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>49,942,329</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>1,356,523</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>5,438,085</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>18,593,111</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMPONENTS OF NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital Stock at Zero Par Value</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,165,131</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,897,560</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,135,361</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,249,928</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,336,286</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,007,993</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(98,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,165</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(142,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,380</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,705</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accumulated Net Gain (Loss) on Investments, options written and swap transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,468,845</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,865,372</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,553,769</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(86,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,312,671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Unrealized Appreciation (Depreciation) on Investments, options written and swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>974,783</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(225,471</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,503,326</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>106,390</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>185,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,869,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET ASSETS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>42,572,546</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>17,829,882</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>49,942,329</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>1,356,523</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>5,438,085</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>18,593,111</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>SHARES ISSUED AND OUTSTANDING<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Shares Outstanding (Unlimited Shares Authorized)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>675,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>50,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>575,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value (NAV) Per Share</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>21.83</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.78</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>27.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>54.38</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(a) Market value of securities on loan</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,333,160</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,066,222</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,474</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>144,883</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>182,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(b) Proceeds Received from Securities Sold, Not Yet Purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,330,008</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(c) Premiums Received for Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">130</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Assets and Liabilities </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="253"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Madrona Global Bond<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Madrona International<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Meidell<BR> Tactical Advantage<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Newfleet<BR> Multi-Sector Income<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Peritus High Yield<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Pring Turner Business Cycle<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares QAM Equity Hedge<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Ranger Equity Bear<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares STAR Global Buy-Write<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares TrimTabs Float Shrink<BR>ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares WCM/BNY Mellon Focused Growth ADR<BR>ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments, at Cost</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,652,040</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,432,364</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,072,169</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,259,177</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>302,338,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,096,788</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,754,206</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,389,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,879,781</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,474,841</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,178,959</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Investments in Affiliates, at Cost (Note 8)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,041,838</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>288,187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments, at Market Value (including securities on loan)<BR> (Note 2)(a)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,214,814</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,274,703</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,064,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,602,928</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>301,712,344</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,074,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,948,511</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,389,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,312,734</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,885,006</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,888,930</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments in Affiliates, at Market Value (Note 8)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,049,143</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>282,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,971</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,140</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>465,060</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116,415,412</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash collateral held at brokers</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>229,351</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>247,648,443</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,040,375</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Receivable from Securities Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,241,466</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,766</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>298,378</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,700,443</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>308,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital Shares Receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized Appreciation on Swaps Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,537</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividends and Interest Receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>71,248</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,859</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>505,866</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,518,217</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,570</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,780</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>115,663</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,611</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Reclaim Receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,564</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,931</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>379</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,412</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Due from Investment Advisor</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,268</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Prepaid Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,420</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,730</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,399</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,186</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,493</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,410</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31,279,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,370,216</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,342,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>88,336,460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>307,733,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,385,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,532,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>475,167,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,804,736</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,956,496</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,911,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>LIABILITIES</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Due to Custodian</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash collateral for securities on loan</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,679,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,332,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>675,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,628,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,056,940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>632,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>243,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>518,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Securities Sold, Not Yet Purchased (b)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>228,707</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>214,083,194</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options Written, at Value (c)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>315,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized Depreciation on Swaps Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,638</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,425</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,580</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>833</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,829</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>284,946</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,522</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,502</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Payable for Securities Purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,411,547</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,318,865</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,629,964</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>331,779</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,956,860</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital Shares Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,268,176</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Payable on Securities Sold, Not Yet Purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,614</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trustee Fees Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>365</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest Payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,713</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Payable to Global Echo Foundation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Accrued Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>47,515</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>45,262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>27,393</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>78,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,683</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>29,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>89,330</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>35,941</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>44,100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,021</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,736,331</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,391,959</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,133,376</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,974,639</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>48,004,906</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>656,198</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>601,079</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>256,810,199</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>376,933</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>299,403</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>565,626</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET ASSETS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>22,542,939</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>14,978,257</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>9,208,852</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>83,361,821</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>259,728,835</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>5,729,125</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>3,931,521</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>218,357,216</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>22,427,803</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>25,657,093</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>7,345,606</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>COMPONENTS OF NET ASSETS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital Stock at Zero Par Value</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,043,444</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,549,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,701,529</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,043,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,867,066</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,748,839</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,766,213</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>329,462,268</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,464,423</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,277,055</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,801,372</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>211,004</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>535,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(17,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,078,610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(109,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accumulated Net Gain (Loss) on Investments, options<BR> written and swap transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(83,038</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,624,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(484,575</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25,422</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(47,286</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,383</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,749</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(103,307,959</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(285,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(50,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(168,326</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Unrealized Appreciation (Depreciation) on Investments,<BR> options written and swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(429,921</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(157,661</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,656,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(626,598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(28,055</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>195,527</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,718,483</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(641,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>410,165</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>709,971</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET ASSETS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>22,542,939</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>14,978,257</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>9,208,852</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>83,361,821</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>259,728,835</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>5,729,125</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>3,931,521</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>218,357,216</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>22,427,803</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>25,657,093</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>7,345,606</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>SHARES ISSUED AND OUTSTANDING</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Shares Outstanding (Unlimited Shares Authorized)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>625,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>325,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,700,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>13,500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>625,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value (NAV) Per Share</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>49.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>50.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>16.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>41.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(a) Market value of securities on loan</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,475,694</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,287,828</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>658,611</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,589,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,914,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>618,005</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>545,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(b) Proceeds Received from Securities Sold, Not Yet<BR> Purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>235,030</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>209,364,711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(c) Premiums Received for Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>241,514</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">131</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSo"></a>ADVISORSHARES TRUST<BR> Statements of Operations</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSO"></a>Period Ended June 30, 2013<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Accuvest Global<BR> Long Short<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Accuvest Global<BR> Opportunities<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Cambria Global<BR> Tactical<BR> ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT INCOME:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 669,814</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 278,455</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 1,754,922</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income from Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,826</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Securities lending income (Note 2)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,155</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,367</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign withholding tax</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>669,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>284,612</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,775,115</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXPENSES:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>378,361</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>159,452</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>593,554</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest on Securities Sold Short</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>462,442</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Professional Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,965</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,714</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,503</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounting & Administration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,778</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,169</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70,850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Listing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,320</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,285</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,457</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Report to Shareholders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,144</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,968</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,758</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pricing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,023</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,670</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trustee Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Custody Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,434</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transfer Agent Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,121</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,277</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,883</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,190</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Expense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>226,356</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Contribution to Global Echo Foundation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Registration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,061</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Licensing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Miscellaneous Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,179</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>587</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,190,763</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>259,113</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>758,802</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees Waived/Recoupment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(81,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(49,308</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,816</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expense Reimbursement</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,109,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>209,805</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>760,618</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(439,369</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>74,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,014,497</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN, SHORT SALES AND SWAP TRANSACTIONS:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss) on:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,564</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(860,683</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(38,462</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,911,522</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,354,533</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,346,935</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(779,425</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,720,571</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,752</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions by other Investments Companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,313</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation<BR> (Depreciation) on:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,326,621</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(322,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(824,107</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>977,128</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>743,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>898,012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,171,621</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,479,927</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATONS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 458,643</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 1,246,428</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 2,494,424</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">Represents the period July 10, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Represents the period March 19, 2013 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Represents the period December 18, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Represents the period August 7, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(e)</TD>
<TD STYLE="text-align: left">Represents the period September 17, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">132</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Operations<BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Period Ended June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="108"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="108"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="108"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="108"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="108"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="116"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Global<BR> Alpha & Beta<BR> ETF<sup>(a)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Global<BR> Echo<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Madrona<BR> Domestic<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Madrona<BR> Global Bond<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Madrona International<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Meidell Tactical<BR> Advantage<BR> ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT INCOME:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 32,465</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 41,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 287,728</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 698,866</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 478,133</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 132,390</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income from Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>147,509</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,682</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>126</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>442</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Securities lending income (Note 2)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,171</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,675</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>681</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign withholding tax</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(47,377</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31,307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>63,382</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>288,004</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>849,770</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>433,873</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>133,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXPENSES:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,920</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>131,181</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>115,439</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>119,800</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>106,866</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest on Securities Sold Short</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Professional Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,974</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,066</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,333</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,145</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounting & Administration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,113</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,938</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,736</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Listing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,246</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,817</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,221</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,221</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,792</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Report to Shareholders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,711</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,063</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,572</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,156</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pricing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trustee Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Custody Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>303</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,275</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,873</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,098</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,466</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transfer Agent Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>103</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,227</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,768</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>535</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>830</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>528</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>784</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>420</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Expense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Contribution to Global Echo Foundation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,516</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Registration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Licensing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Miscellaneous Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>427</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>533</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>594</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>101,952</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>69,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>264,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>236,166</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>247,784</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>214,327</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees Waived/Recoupment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(14,680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(59,418</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(60,597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(104,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expense Reimbursement</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(68,923</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(12,991</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>69,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>204,970</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>219,335</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>187,187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>96,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(6,054</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>630,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>246,686</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,417</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>REALIZED AND UNREALIZED GAIN (LOSS) ON<BR> INVESTMENTS, OPTIONS WRITTEN, SHORT SALES<BR> AND SWAP TRANSACTIONS:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss) on:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,611</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(60,208</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(270,610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(105,302</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(723,074</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(135,386</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,237</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,050</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,376,332</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>263,408</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,415,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,071,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(648</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions by other Investments Companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,043</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation<BR> (Depreciation) on:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>106,390</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>127,314</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,851,528</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(789,608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,095,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>148,829</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>315,043</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,957,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(621,386</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,787,859</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>910,420</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATONS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 161,787</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 308,989</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 4,040,284</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 9,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 2,034,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 946,837</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">133</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Operations<BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Period Ended June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Newfleet <BR>
Multi-Sector<BR> Income<BR> ETF<sup>(b)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Peritus<BR> High Yield<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Pring Turner<BR> Business Cycle<BR> ETF<sup>(c)</sup></TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT INCOME:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> —</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> —</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 51,130</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income from Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>552,037</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,148,530</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Securities lending income (Note 2)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>632</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,491</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>667</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign withholding tax</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(897</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>552,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,198,021</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>60,164</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXPENSES:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>131,717</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,951,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,201</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest on Securities Sold Short</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Professional Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,427</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,115</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounting & Administration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,021</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,269</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Listing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,332</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Report to Shareholders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,245</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,957</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pricing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,896</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>803</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trustee Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,117</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Custody Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,972</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>354</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transfer Agent Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,316</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>316</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,731</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>310</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Expense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Contribution to Global Echo Foundation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Registration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Licensing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Miscellaneous Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>390</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>228,597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,184,348</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>99,675</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees Waived/Recoupment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(21,201</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expense Reimbursement</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(46,884</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>151,982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,215,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31,590</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>400,687</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,982,941</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN, SHORT SALES AND SWAP TRANSACTIONS:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss) on:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25,422</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,030</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,383</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>391,887</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions by other Investments Companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation<BR> (Depreciation) on:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,656,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,388,124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(28,055</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,681,671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,799,041</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(48,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATONS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> (1,280,984</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 17,781,982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> (19,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(a)</TD>
<TD STYLE="text-align: left">Represents the period July 10, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(b)</TD>
<TD STYLE="text-align: left">Represents the period March 19, 2013 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(c)</TD>
<TD STYLE="text-align: left">Represents the period December 18, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(d)</TD>
<TD STYLE="text-align: left">Represents the period August 7, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 10pt; font-size: 8pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(e)</TD>
<TD STYLE="text-align: left">Represents the period September 17, 2012 (commencement of operations) to June 30, 2013. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">134</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Operations<BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Period Ended June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="128"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="128"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="128"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="128"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="136"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> QAM Equity<BR> Hedge<BR> ETF<sup>(d)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> Ranger Equity<BR> Bear<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> STAR Global<BR> Buy-Write<BR> ETF<sup>(e)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> TrimTabs<BR> Float Shrink<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> WCM/BNY Mellon<BR> Focused Growth ADR<BR> ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INVESTMENT INCOME:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 33,630</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> —</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 199,477</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 200,250</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 127,520</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Income from Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,693</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Securities lending income (Note 2)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>924</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>580</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign withholding tax</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(14,339</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,230</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31,693</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>201,055</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>201,160</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>113,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>EXPENSES:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,040,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>158,854</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>123,962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,811</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest on Securities Sold Short</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,951</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,954,092</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Professional Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,979</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,043</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,176</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,112</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounting & Administration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,855</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,153</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,440</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Listing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,385</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,828</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,393</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,793</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Report to Shareholders</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>73,896</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,524</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,010</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,193</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pricing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,107</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,244</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,211</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,593</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,556</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trustee Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,673</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Custody Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,529</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,487</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,266</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>780</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transfer Agent Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,275</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>900</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>865</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,687</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Insurance Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>789</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,453</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>453</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend Expense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>177</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,124,381</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Contribution to Global Echo Foundation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Registration Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>307</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,309</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Licensing Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Miscellaneous Fees</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>747</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,067</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>586</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>474</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>148,663</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,413,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>276,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>237,456</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>178,086</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advisory Fees Waived/Recoupment</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(32,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(58,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(113,494</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(83,740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expense Reimbursement</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(65,985</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(6,082</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50,458</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,413,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>217,688</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>123,962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>88,264</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(16,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(8,381,936</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(16,633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77,198</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>REALIZED AND UNREALIZED GAIN (LOSS) ON<BR> INVESTMENTS, OPTIONS WRITTEN, SHORT SALES<BR> AND SWAP TRANSACTIONS:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss) on:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,286</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(274,541</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(48,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,847</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,516,008</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>In-Kind Redemptions in Affiliates</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,371</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,687</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91,193,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions by other Investments Companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation<BR> (Depreciation) on:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>194,305</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,309,064</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(567,047</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>900,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(74,476</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>207,925</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(102,502,723</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(910,971</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,560,727</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>895,614</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATONS</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 191,697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> (110,884,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> (927,604</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 2,637,925</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 921,172</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">135</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSCNA"></a>ADVISORSHARES TRUST<BR> Statements of Changes in Net Assets </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="328"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="92"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares<BR> Accuvest Global<BR> Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares<BR> Accuvest Global<BR> Opportunities ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period January 25, 2012* to June 30, 2012</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INCREASE (DECREASE) IN NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>OPERATIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(439,369</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(275,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,807</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>128,764</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>504,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(713,322</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,493,850</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,099,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>393,922</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,412,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(322,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>96,758</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) In Net Assets Resulting From Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>458,643</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>424,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,246,428</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(874,468</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>DISTRIBUTIONS TO SHAREHOLDERS FROM<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(185,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(46,188</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(46,188</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(185,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CAPITAL STOCK TRANSACTIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from Shares Issued</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,003,559</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,018,647</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,907,465</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,316,721</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Value of Shares Redeemed</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(53,911,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(9,760,167</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(50,580,810</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) From Capital Stock Transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24,091,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,258,480</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,326,655</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,316,721</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24,550,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,636,564</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,387,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,442,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Assets:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,021,964</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,385,400</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,442,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>42,572,546</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>18,021,964</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>17,829,882</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>13,442,253</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(98,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(194,819</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,165</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>128,764</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Shares Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Outstanding, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>450,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>550,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,550,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,975,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>550,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares Repurchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,450,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(450,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>675,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>550,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">136</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Changes in Net Assets </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="86"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="86"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="86"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="86"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="86"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="86"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="94"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares<BR> Cambria<BR> Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares<BR> Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares<BR> Madrona<BR> Domestic ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period July 10, 2012*<BR> to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period May 23, 2012*<BR> to June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2012</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INCREASE (DECREASE) IN NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>OPERATIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,014,497</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,200,751</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,054</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,492</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,535</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,304,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(15,287,214</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,439</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>187,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(57,292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,105,722</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(760,024</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(824,107</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>81,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>106,390</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>127,314</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>58,460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,851,528</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(88,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) In Net Assets<BR> Resulting From Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,494,424</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(14,005,185</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>161,787</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>308,989</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,324</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,040,284</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(789,338</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>DISTRIBUTIONS TO SHAREHOLDERS FROM<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,451,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,214,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,753</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(73,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(39,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(23,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,451,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,214,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(23,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(73,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(39,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CAPITAL STOCK TRANSACTIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from Shares Issued</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,060,733</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,247,921</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,000,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,508,179</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,229,540</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Value of Shares Redeemed</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(29,284,343</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(94,507,088</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,297,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,175,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,916,059</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,069,627</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,818,962</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) From<BR> Capital Stock Transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(29,272,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(85,446,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,202,437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>72,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,083,941</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(561,448</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,410,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(28,228,619</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(100,665,624</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,356,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>358,468</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,079,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,404,891</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,581,658</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Assets:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>78,170,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>178,836,572</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,079,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,188,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,606,562</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>49,942,329</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>78,170,948</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,356,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,438,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,079,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>18,593,111</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>15,188,220</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(142,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>349,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,380</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,705</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,812</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Shares Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Outstanding, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>600,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>575,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares Repurchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(50,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>50,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>575,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>600,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">137</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Changes in Net Assets </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="328"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="92"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7> <BR>AdvisorShares Madrona<BR> Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares Madrona<BR> International ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3> <BR>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INCREASE (DECREASE) IN NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>OPERATIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>630,435</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>444,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>246,686</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>185,886</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>168,222</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>692,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,956,752</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(789,608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>359,809</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,095,122</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,356,411</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) In Net Assets Resulting From Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>841,671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,034,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,127,277</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>DISTRIBUTIONS TO SHAREHOLDERS FROM<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(624,855</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(441,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(185,288</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(43,912</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,106</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(13,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(627,961</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(441,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(185,288</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(57,112</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CAPITAL STOCK TRANSACTIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from Shares Issued</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,924,963</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,573,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,719,712</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,407,072</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Value of Shares Redeemed</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,958,081</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,279,141</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(9,809,428</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,621,054</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) From Capital Stock Transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,966,882</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,294,013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,089,716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,786,018</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,347,970</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,693,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>759,541</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,601,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Assets:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>21,194,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,501,027</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,218,716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,617,087</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>22,542,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>21,194,969</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>14,978,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>14,218,716</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,036</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>211,004</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>143,255</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Shares Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Outstanding, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>825,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>675,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>775,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>350,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>650,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares Repurchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(50,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(75,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>825,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>625,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>675,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">138</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Changes in Net Assets </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="110"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="116"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="112"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares Meidell<BR> Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Newfleet Multi-Sector<BR> Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares Peritus<BR> High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Pring Turner Business<BR> Cycle ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period March 19, 2013* to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period December 18, 2012* to June 30, 2013</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INCREASE (DECREASE) IN NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>OPERATIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,417</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400,687</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,982,941</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,808,398</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,574</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>936,023</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(149,563</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25,422</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>410,917</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>373,233</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,383</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(25,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,535</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,656,249</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,388,124</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,589,171</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(28,055</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) In Net Assets<BR> Resulting From Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>946,837</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(140,621</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,280,984</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,781,982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,592,460</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>DISTRIBUTIONS TO SHAREHOLDERS FROM<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(64,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(400,645</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(14,668,314</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,707,019</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(20,661</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(612,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(64,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(400,645</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(14,688,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(6,319,917</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CAPITAL STOCK TRANSACTIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from Shares Issued</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,505,890</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,926,365</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,043,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>172,000,936</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58,595,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,748,989</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Value of Shares Redeemed</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,832,014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,637,924</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,693,597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,389,685</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) From<BR> Capital Stock Transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,673,876</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,288,441</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>85,043,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>164,307,339</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>51,205,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,748,989</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,556,443</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,146,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,361,821</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>167,400,346</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>48,477,931</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,729,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Assets:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,652,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,505,955</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>92,328,489</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>43,850,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>9,208,852</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,652,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>83,361,821</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>259,728,835</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>92,328,489</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,729,125</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>535,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>221,026</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Shares Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Outstanding, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>800,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,700,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares Repurchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(700,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(175,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>325,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,700,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,900,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">139</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Changes in Net Assets </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3> <BR>AdvisorShares QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares Ranger<BR> Equity Bear ETF<sup>(1)</sup></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period<BR> August 7, 2012* to<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INCREASE (DECREASE) IN NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>OPERATIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,381,936</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,444,600</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,398</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91,193,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,817,156</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>195,527</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(11,309,064</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,206,740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) In Net Assets Resulting From Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>191,697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(110,884,659</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,055,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>DISTRIBUTIONS TO SHAREHOLDERS FROM<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(15,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(26,646</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CAPITAL STOCK TRANSACTIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from Shares Issued</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,766,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>236,542,256</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>363,431,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Value of Shares Redeemed</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(220,523,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(95,542,692</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) From Capital Stock Transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,766,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,018,392</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>267,889,165</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,931,521</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(94,866,267</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>262,834,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Assets:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>313,223,483</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50,389,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,931,521</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>218,357,216</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>313,223,483</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(17,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,078,610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,880,389</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Shares Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Outstanding, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,425,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,850,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,025,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares Repurchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(11,775,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,825,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>13,500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>13,425,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">140</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Statements of Changes in Net Assets </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="136"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="132"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="132"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="132"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="138"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3> <BR>AdvisorShares STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares TrimTabs<BR> Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares WCM/BNY Mellon Focused<BR> Growth ADR ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period September 17, 2012* to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period<BR> October 5, 2011* to<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>INCREASE (DECREASE) IN NET ASSETS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>OPERATIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,633</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,198</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,360</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,558</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,389</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(269,448</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,467,788</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>965,959</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>442,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Change in Unrealized Appreciation<BR> (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(641,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>92,939</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>317,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>900,436</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,162,845</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) In Net Assets<BR> Resulting From Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(927,604</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,637,925</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,298,545</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>921,172</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(703,186</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>DISTRIBUTIONS TO SHAREHOLDERS FROM<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91,839</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(69,329</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(37,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25,106</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Realized Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(17,177</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(40,008</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(27,533</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(109,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(109,337</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(37,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(52,639</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CAPITAL STOCK TRANSACTIONS<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from Shares Issued</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,464,423</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,124,119</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,243,628</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,339,699</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Value of Shares Redeemed</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(42,286,488</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(30,248,798</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,772,068</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) From<BR> Capital Stock Transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,464,423</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,837,631</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,994,830</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,432,369</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,427,803</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,366,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,290,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>883,197</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,188,194</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Assets:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,290,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,462,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,650,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>22,427,803</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25,657,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,290,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7,345,606</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,462,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Undistributed Net Investment Income (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(109,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>20,680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,490</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Shares Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Outstanding, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>275,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares Sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,500,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares Repurchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,125,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(200,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>950,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>625,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>250,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>225,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">141</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSCF"></a>ADVISORSHARES TRUST<BR> <B>Statements of Cash Flows<BR></B></H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="333"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="85"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="85"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accuvest Global<BR> Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>QAM Equity<BR> Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Ranger Equity<BR> Bear ETF<sup>(1)</sup></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the<BR> year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period August 7, 2012*<BR> to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the<BR> year ended<BR> June 30, 2013</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividends and Interest received</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 164,734</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 26,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 30,450</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating expenses paid</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(368,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(28,409</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,422,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net purchases of short-term investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(736,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91,429,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Realized gain (loss) on swap contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(779,425</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,371</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Purchases of long-term investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(128,067,459</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,417,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from disposition of long-term investments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105,312,057</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,390,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in receivables for securities sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,394,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(298,378</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,779,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in payables for securities purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,068,007</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>331,779</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,436,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net increase in short sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,259,860</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>231,343</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(189,753,613</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividends paid</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(105,853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(177</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,302,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Interest paid</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(347,823</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,843</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,994,894</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Cash Provided (Used) By Operating Activities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>(23,982,865</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>(3,477,356</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>(103,669,042</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><B>)</B><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from net investment income and realized gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(26,646</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net proceeds from sale of shares</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,136,497</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,766,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,508,042</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deposits with brokers for swap contracts and short sales</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(807,183</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(229,351</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>126,018,654</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Cash Flows Provided (Used) By Financing<BR> Activities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>22,329,314</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>3,510,473</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>153,526,696</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>NET INCREASE/DECREASE IN CASH</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(1,653,551</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>33,117</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>49,857,654</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cash, Beginning of period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>65,216</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>66,557,758</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Cash, End of period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B> (1,588,335</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B> 33,117</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B> 116,415,412</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>RECONCILIATION OF INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Increase/Decrease in Net Assets From Operations </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B> 458,643</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B> 191,697</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>(110,884,659</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><B>)</B><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in investments, at value</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25,942,664</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,719,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,178,761</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in payable for securities purchased</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,068,007</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>331,779</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,436,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in receivable for securities sold</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,394,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(298,378</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,779,949</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in dividends and interest receivable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(505,097</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,780</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,243</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in unrealized appreciation (depreciation) on swaps</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(743,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in prepaid expense</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>794</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,913</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,305</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in interest payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>114,619</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,802</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/Decrease in dividends payable</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>120,503</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(177,847</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Increase/Decrease in accrued expenses</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>51,109</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>27,834</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(81,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Adjustments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>(24,441,508</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>(3,669,053</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><B>7,215,617</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Cash Flows Provided (Used) By Operating<BR> Activities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(23,982,865</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B> (3,477,356</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><B>)</B><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(103,669,042</B></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><B>)</B><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Formerly Active Bear ETF </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">142</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 4mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><FONT STYLE="font-size: 10pt">(This page intentionally left
blank.)</FONT>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tFH"></a>ADVISORSHARES TRUST<BR> <a name="tFH"></a>Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11> <BR>AdvisorShares Accuvest<BR> Global Long Short ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3> <BR>For the period<BR> July 9, 2010* to<BR> June 30, 2011</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 21.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 20.86</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.67</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.63</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4.14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 21.83</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 21.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 20.86</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 21.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 21.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 20.86</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16.56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16.56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 42,573</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 18,022</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 9,385</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.79</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.73</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>365</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>751</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Based on average shares outstanding. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(2)</TD>
<TD STYLE="text-align: left">Less than $0.005. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(3)</TD>
<TD STYLE="text-align: left">Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(4)</TD>
<TD STYLE="text-align: left">Ratios of periods of less than one year have been annualized. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(5)</TD>
<TD STYLE="text-align: left">Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">144</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares Cambria<BR> Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares<BR> Global Echo ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period January 25, 2012* to June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period October 26, 2010* to June 30, 2011</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period July 10, 2012* to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period May 23, 2012*<BR>to June 30, 2012</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.38</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.87</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.27</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.79</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment<BR> companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><sup>(2)</sup><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from<BR> Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2.03</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3.81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 26.41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 24.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 23.78</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 23.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 25.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 27.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 54.38</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 50.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.41</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>24.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 23.79</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 23.64</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 25.93</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 27.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 54.53</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 50.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7.84</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.92</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,830</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,442</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,171</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>178,837</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,357</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,080</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.27</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.27</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.87</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.32</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>236</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>475</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">145</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares<BR> Madrona Domestic ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period<BR> June 21, 2011* to<BR> June 30, 2011</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>26.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><sup>(2)</sup><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.79</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28.37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28.52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,593</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,188</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,607</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Based on average shares outstanding. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(2)</TD>
<TD STYLE="text-align: left">Less than $0.005. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(3)</TD>
<TD STYLE="text-align: left">Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(4)</TD>
<TD STYLE="text-align: left">Ratios of periods of less than one year have been annualized. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(5)</TD>
<TD STYLE="text-align: left">Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">146</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="110"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="106"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="114"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares<BR> Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares<BR> Madrona International ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period June 21, 2011* to<BR> June 30, 2011</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period June 21, 2011* to June 30, 2011</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>21.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>26.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.71</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.39</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.32</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.66</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.67</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.82</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment<BR> companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from<BR> Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.38</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.71</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<sup>(2)</sup><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.71</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>21.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>24.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>21.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.59</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.86</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(18.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,543</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,195</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,978</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.54</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.73</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.48</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>93</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>110</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">147</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11> <BR> <BR>AdvisorShares Meidell<BR> Tactical Advantage ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period<BR> June 23, 2011* to<BR> June 30, 2011</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><sup>(2)</sup><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.02</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.48</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.71</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,209</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,652</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,506</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>605</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>817</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Based on average shares outstanding. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(2)</TD>
<TD STYLE="text-align: left">Less than $0.005. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(3)</TD>
<TD STYLE="text-align: left">Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(4)</TD>
<TD STYLE="text-align: left">Ratios of periods of less than one year have been annualized. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(5)</TD>
<TD STYLE="text-align: left">Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">148</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="108"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="112"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Newfleet Multi-Sector<BR> Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares<BR> Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares<BR> QAM Equity<BR> Hedge ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period March 19, 2013*<BR> to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period December 1, 2010* to June 30, 2011</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period December 18, 2012*<BR> to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period August 7, 2012*<BR> to June 30, 2013</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>48.59</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>51.59</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.66</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.74</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment<BR> companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><sup>(2)</sup><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from<BR> Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.71</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5.94</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.39</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4.09</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.08</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>49.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>50.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>48.59</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>51.59</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>49.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>49.91</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>48.64</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>51.87</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>25.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>26.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.27</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.84</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.48</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.75</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.73</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83,362</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,328</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>43,851</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,932</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.75</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.98</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.44</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.64</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>114</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">149</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="131"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="139"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares Ranger<BR> Equity Bear ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period<BR> January 27, 2011*<BR> to June 30, 2011</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6.56</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>16.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>22.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>16.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 23.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 22.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(30.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(30.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>218,357</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>313,223</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,389</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.79</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.88</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.06</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>697</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>756</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Based on average shares outstanding. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(2)</TD>
<TD STYLE="text-align: left">Less than $0.005. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(3)</TD>
<TD STYLE="text-align: left">Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(4)</TD>
<TD STYLE="text-align: left">Ratios of periods of less than one year have been annualized. </TD>
</TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(5)</TD>
<TD STYLE="text-align: left">Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">150</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> Financial Highlights</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 317mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="122"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="112"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>AdvisorShares STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>AdvisorShares TrimTabs<BR> Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>AdvisorShares WCM/BNY Mellon<BR> Focused Growth ADR ETF</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period September 17, 2012* to June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period October 5, 2011* to June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year ended<BR> June 30, 2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>For the period July 21, 2010* to June 30, 2011</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Selected Data for a Share of Capital Stock Outstanding</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Asset Value, Beginning of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>33.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>26.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Investment Income (Loss)<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.03</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.07</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.15</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Realized and Unrealized Gain (Loss)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions of Net Realized Gains by other investment<BR> companies</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><sup>(2)</sup><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net Increase (Decrease) in Net Assets Resulting from<BR>Investment Operations</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1.19</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8.22</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6.97</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2.51</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions from Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.11</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.09</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Distributions from Realized Capital Gains</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.03</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Distributions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.33</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.23</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.09</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net Asset Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.61</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>41.05</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>33.16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.72</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>31.46</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Market Value, End of Period</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>41.13</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>33.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32.63</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>31.58</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Total Return</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Net Asset Value<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25.01</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7.94</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26.21</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Investment Return Based on Market<sup>(3)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24.96</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26.93</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.29</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Ratios/Supplemental Data</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Assets, End of Period (000's omitted)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,428</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,657</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,291</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,346</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,462</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio to Average Net Assets of:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, net of expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.85</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> including interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenses, prior to expense waivers and reimbursements,<BR> excluding interest and dividend expense<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.17</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.04</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net investment Income (Loss)<sup>(4)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.14</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.31</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.36</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.24</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.52</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Portfolio Turnover Rate<sup>(5)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>201</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See accompanying Notes to Financial Statements. </P>
</DIV><DIV STYLE="width: 194mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">151</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><B>ADVISORSHARES TRUST<BR> Notes to Financial Statements</B></FONT><BR> <BR> <FONT STYLE="font-size: 10pt">June 30, 2013</FONT><BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> </H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1. Organization </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tNCFS"></a>AdvisorShares Trust (the “Trust”) was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). The Trust is comprised of 17 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”): </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="330"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="136"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Ticker</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Commencement of<BR>Operations</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>AGLS</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>July 9, 2010</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>ACCU</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>January 25, 2012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>GTAA</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>October 26, 2010</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>RRGR</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>July 10, 2012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>GIVE</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>May 23, 2012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>FWDD</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>June 21, 2011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>FWDB</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>June 21, 2011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>FWDI</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>June 21, 2011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>MATH</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>June 23, 2011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>MINC</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>March 19, 2013</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>HYLD</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>December 1, 2010</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>DBIZ</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>December 18, 2012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>QEH</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>August 7, 2012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares Ranger Equity Bear ETF (formerly Active Bear ETF)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>HDGE</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>January 27, 2011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>VEGA</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>September 17, 2012</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>TTFS</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>October 5, 2011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>AADR</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>July 21, 2010</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Dent Tactical ETF was liquidated on August 15, 2012. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective October 29, 2012, AdvisorShares Active Bear ETF changed its name to AdvisorShares Ranger Equity Bear ETF. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Accuvest Global Long Short ETF (“Accuvest Global Long Short ETF”) seeks average annual returns in excess of the total return of the MSCI World Index by investing in both long and short positions in Underlying ETFs that offer diversified exposure to global regions. The Fund may also use derivatives tied to the broad market indices when establishing net long and net short exposure on top of the core long/short portfolio. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Accuvest Global Opportunities ETF (“Accuvest Global Opportunities ETF”) seeks long-term capital appreciation in excess of global equity benchmarks such as the MSCI All Country World Index by investing primarily in Underlying ETFs that provide diversified exposure to select economies around the world. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Cambria Global Tactical ETF (“Cambria Global Tactical ETF”) seeks to preserve and grow capital by investing primarily in other Underlying ETFs that offer diversified exposure to global regions, countries, styles or sectors and exchange-traded products. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Global Alpha & Beta ETF (“Global Alpha & Beta ETF”) is a broadly diversified global equity ETF which seeks long-term capital growth. RRGR utilizes a “top-down” thematic approach while employing a proprietary security selection process and from time to time will employ risk </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">152</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1. Organization – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">management techniques to lower portfolio volatility and risk. RRGR is managed by Your Source Financial (Portfolio Manager). The Portfolio Manager seeks to achieve this objective by investing primarily in other ETPs, individual stocks, and American Depositary Receipts (ADRs) that provide investment exposure to global equity markets and that meet certain selection criteria established by the Portfolio Manager. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Global Echo ETF (“Global Echo ETF”) seeks long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices, such as the S&P 500 Index, over a full market cycle. The Fund is a multi-manager, multi-strategy, broadly diversified, actively managed ETF with a focus on sustainable investing. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Madrona Domestic ETF (“Madrona Domestic ETF”) seeks to provide long-term capital appreciation above the capital appreciation of its benchmark, the S&P 500 Index by selecting a portfolio of up to 500 of the largest U.S. traded equity securities using a weighted allocation system based on consensus analyst estimates of the present value of future expected earnings relative to the share price of each security. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Madrona Global Bond ETF (“Madrona Global Bond ETF”) seeks investment results that exceed the price and yield performance of its benchmark, the Barclays Capital Aggregate Bond Index. FWDB is sub-advised by Madrona Funds, LLC (Portfolio Manager). The Portfolio Manager seeks to achieve this objective by selecting a diversified portfolio of fixed income exchange-traded products (ETPs), including but not limited to, exchange-traded notes (ETNs), exchange-traded currency trusts and exchange-traded commodity pools. FWDB invests in at least 12 distinct global bond classes that cover the entire global investable
bond universe. The Portfolio Manager constructs FWDB’s portfolio using a weighted allocation system based on historic yield curve analysis and a mean reversion strategy. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Madrona International ETF (“Madrona International ETF”) seeks to provide long-term capital appreciation above the capital appreciation of its international benchmarks, such as the MSCI EAFE Index, the Fund’s primary benchmark, and the BNY Mellon Classic ADR Index, the Fund’s secondary benchmark. The Fund seeks to achieve this objective by selecting a portfolio primarily composed of at least 250 of the largest American Depositary Receipts (ADRs) from among the largest issuers of Europe, Australasia and the Far East (EAFE) and Canada. It’s portfolio may also include ADRs that provide
exposure to certain markets deemed to be emerging markets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Meidell Tactical Advantage ETF (“Meidell Tactical Advantage ETF”) seeks to provide long-term capital appreciation and capital preservation. The Fund is considered a “fund-of-funds” that seeks to achieve this investment objective by managing a tactical strategy that has the ability to dynamically rebalance the Fund’s portfolio from as much as 100% equity assets to 100% fixed income assets or cash and cash equivalents depending on market trends. The Fund employs a long tactical strategy that seeks to minimize portfolio losses by rotating out of higher volatility assets and lower volatility
assets depending on the Fund’s current view of risks in different asset classes. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Newfleet Multi-Sector Income ETF (“Newfleet Multi-Sector Income ETF”) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates. In seeking to achieve the Fund’s investment objective, Newfleet Asset Management, LLC (the “Sub-Advisor”) applies a time-tested approach and extensive credit research to capitalize on opportunities across undervalued areas of the bond markets. The Fund principally invests in investment-grade securities, which are securities with credit ratings within
the four highest rating categories of a nationally recognized statistical rating organization or, if unrated, those securities that the Sub-Advisor determines to be of comparable quality. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">153</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1. Organization – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Peritus High Yield ETF (“Peritus High Yield ETF”) seeks high current income by investing in a focused portfolio of high yield debt securities commonly referred to as “junk bonds”. The Fund does not have any portfolio maturity limitation and may invest in instruments with short-term, medium-term or long-term maturities. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Pring Turner Business Cycle ETF (“Pring Turner Business Cycle ETF”) seeks long-term growth from capital appreciation and income. DBIZ is managed by Pring Turner Capital Group (Portfolio Manager). The cornerstone of the Portfolio Manager’s investment philosophy rests on the core belief of building wealth consistently while minimizing portfolio risk. DBIZ is a multi-asset class fund that dynamically allocates among stock, bond, inflation-sensitive securities, and cash. The Portfolio Manager has developed a pro-active asset allocation and sector rotation process designed around the stage changes in the
business cycle. DBIZ’s disciplined decision-making employs multiple layers of input including business cycle, fundamental, and technical analysis. This adaptive approach combines continuous asset allocation changes, diversification with careful sector selections, and income emphasis. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares QAM Equity Hedge ETF (“QAM Equity Hedge ETF”) seeks investment results that exceed the risk adjusted performance of approximately 50% of the long/short equity hedge fund universe as defined by the HFRI Equity Hedge Total Index constituents. QEH is managed by Commerce Asset Management (Portfolio Manager). The Portfolio Manager seeks to achieve this objective by employing an actively managed long/short equity strategy that attempts to gain global net equity exposures that approximate those of the universe of managers in the HFRI Equity Hedge Total Index. Additionally, the Portfolio Manager utilizes
advanced algorithms including Markov Processes International’s (MPI) proprietary and patented style analysis technique and associated algorithms, DSA (Dynamic Style Analysis), patented hedge fund analysis software, combined with the Portfolio Manager’s qualitative knowledge of the hedge fund investor community to develop investment strategies. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares Ranger Equity Bear ETF (“Ranger Equity Bear ETF”) seeks capital appreciation through short sales of domestically traded equity securities. The portfolio management team implements a bottom-up, fundamental, research driven security selection process. In selecting short positions, the Fund seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition, the portfolio management team seeks to identify earnings driven
events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward guidance. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares STAR Global Buy-Write ETF (“STAR Global Buy-Write ETF”) seeks consistent repeatable returns across all market cycles. VEGA is sub-advised by Partnervest Advisory Services, LLC (Portfolio Manager). The Portfolio Manager seeks to achieve this investment objective by using a proprietary strategy known as Volatility Enhanced Global Appreciation (VEGA). VEGA employs a “Buy-Write” or “Covered Call” overlay for their global allocation strategy using ETPs. The strategy simultaneously writes (sells) a call option against each position in order to seek cumulative price appreciation from the
portfolio’s global exposure, while generating a consistent income stream from the sale of covered call and/or cash-secured put options. When volatility is low the portfolio manager buys protective put options to manage downside risk. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares TrimTabs Float Shrink ETF (“TrimTabs Float Shrink ETF”) seeks to generate long-term returns in excess of the total return of the Russell 3000® Index, with less volatility than the Russell 3000® Index. The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by primarily investing in the broad U.S. equity market, as represented by the </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">154</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1. Organization – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Russell 3000® Index. The Fund seeks to achieve this goal by investing in stocks with liquidity and fundamental characteristics that are historically associated with superior long-term performance. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AdvisorShares WCM/BNY Mellon Focused ADR ETF (“WCM/BNY Mellon Focused ADR ETF”) seeks long-term capital appreciation by investing primarily in other Underlying ETFs, American Depository Receipts (ADRs) included in the BNY Mellon Classic ADR Index, the Fund’s primary index, and swap contracts. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Summary of Significant Accounting Policies </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">These financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investment Valuation </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In computing each Fund’s NAV, the Fund’s securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an OTC market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio
securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investment Transactions </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Expenses </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity Swaps </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Accuvest Global Long Short ETF, the Cambria Global Tactical ETF, the QAM Equity Hedge ETF and the STAR Global Buy-Write ETF may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of
the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">155</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Summary of Significant Accounting Policies – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">equity swap defaults, a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile. To the extent that the Adviser or Sub-Adviser, as applicable, do not accurately analyze and predict future market trends, the values of assets or economic factors, the Funds may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as
agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by the Funds are recorded as realized gains or losses. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Short Sales </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Accuvest Global Long Short ETF, the Cambria Global Tactical ETF, the Pring Turner Business Cycle ETF, the QAM Equity Hedge ETF and the Ranger Equity Bear ETF may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When the Funds make a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Funds may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed
securities. Dividends declared on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Funds are also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with broker for collateral for securities sold short is recorded as an asset on the Statement of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities; and (iii) a
financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. The net amounts of income or fees paid by Accuvest Global Long Short ETF, QAM Equity Hedge ETF and Ranger Equity Bear ETF for the year ended June 30, 2013 are $462,442, $1,951, and $1,954,092, respectively, which are included as interest expense in the Statement of Operations. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the Funds’ prime brokers and custodian. The Funds are subject to credit risk should the prime brokers be unable to meet its obligations to the Funds. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Futures Contracts </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Certain of the Funds may invest in futures contracts (“futures”), may invest in futures in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or
cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">156</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Summary of Significant Accounting Policies – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as ‘marking-to-the-market.’ Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and a Fund will realize a loss or gain. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying index. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the
notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Options </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Certain of the Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing
transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Short-Term Investments </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities Lending </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Each Fund may lend portfolio securities to certain credit worthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or high grade debt obligations, equivalent to at least 100% of the market value of securities loaned, is maintained at all times. Cash collateral Can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives
compensation for lending its securities from interest or dividends earned on the cash or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Lending portfolio securities could result in a loss or delay in recovering the Fund’s securities if the borrower default. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">157</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Summary of Significant Accounting Policies – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Price information on ETFs is taken from the exchange where the security is primarily traded. Under normal conditions, the Funds invest cash collateral from securities lending activities into BNY Mellon Securities Lending Overnight Fund (“BNY Mellon Securities Lending Overnight”). The BNY Mellon Securities Lending Overnight Fund investment objective is the maximization of current income to the extent consistent with preservation of capital and the maintenance of liquidity. BNY Mellon Securities Lending Overnight Fund has no redemption restrictions, and is valued at NAV. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotes. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The securities lending income earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at June 30, 2013 are shown in the Schedules of Investments and Statements of Assets and Liabilities.</P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="178"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="55"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="55"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="55"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="55"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="66"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="55"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="57"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1>Liabilities:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Description</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Gross Amounts of Recognized Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Gross Amounts Offset in the Statement of Financial Position</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Net Amounts Presented<BR>in the<BR> Statement of Financial Position</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Gross Amounts not offset in the Statement of Assets and Liabilities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Net Amount</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Financial<BR> Instruments</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Collateral Pledged/<BR>
Received</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NewFleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>Securities Lending</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,628,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,628,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,628,015 *</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Collateral for securities on loan included in the Statement of Investments.</TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NewFleet Multi-Sector Income ETF's reporting period began after January 1, 2013. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Dividends and Distributions </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indemnifications </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Investment Advisory Agreement and Other Agreements </H2>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investment Advisory Agreement </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Each Fund has entered into an Investment Advisory Agreement with AdvisorShares Investments, LLC (the “Advisor”). The Advisor acts as the Fund’s investment adviser pursuant to an advisory agreement with the Trust on behalf of each Fund. Pursuant to the Advisory Agreement, the Advisor has overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisers. For its services, each Fund pays the Advisor an annual management fee
and such fees do not include breakpoints. From time to time, the Advisor may waive all or a portion of its fee. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">158</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Investment Advisory Agreement and Other Agreements – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Advisor’s annual management fee for each Fund is as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate:</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$0 – $250,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$250,000,001 – $1,000,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$1,000,000,001 – $5,000,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$5,000,000,001 +</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$0 – $100,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$100,000,001 – $250,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$250,000,001 – $1,000,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$1,000,000,001 +</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.70</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.20</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.65</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.10</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.75</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the Global Echo Fund, as part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Fund, including transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, short dividend expenses, expenses of Independent Trustees (including any Trustees’ counsel fees), and extraordinary expenses. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Sub-Advisory Agreements </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. AdvisorShares supervises the day-to-day investment and reinvestment of the assets in the Fund and is responsible for monitoring the Fund’s adherence to its investment mandate. Pursuant to an investment sub-advisory agreement (“Investment Sub-Advisory Agreement”) between the sub-advisor and the Advisor, the sub-advisor receives an annual fee equal to the average daily net assets of the Fund. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">159</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Investment Advisory Agreement and Other Agreements – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Accuvest Global Advisors LLC serves as investment sub-advisor to Accuvest Global Long Short ETF. They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>AUM Schedule</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$0 – $100,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.90</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$100,000,001 – $500,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$500,000,001 +</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Accuvest Global Advisors LLC serves as investment sub-advisor to Accuvest Global Opportunities ETF. They receive a sub-advisory fee at an annual fee of 0.50% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cambria Investment Management, Inc. serves as investment sub-advisor to Cambria Global Tactical ETF. They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>AUM Schedule</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$0 – $250,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$250,000,001 – $1,000,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$100,000,001 – $5,000,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$5,000,000,001 +</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.30</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Your Source Financial, PLC serves as investment sub-advisor to Global Alpha & Beta ETF. They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>AUM Schedule</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$0 – $100,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$100,000,001 – $250,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$250,000,001 – $1,000,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.28</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$1,000,000,001 +</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.245</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Baldwin Brothers, Inc., Community Capital Management, Inc., First Affirmative Financial Network, LLC and Reynders, McVeigh Capital Management, LLC serve as investment sub-advisors to Global Echo ETF. They receive a sub-advisory fee at an annual fee of 0.25% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Madrona Funds LLC serves as investment sub-advisor to Madrona Domestic ETF, Madrona International ETF, and Madrona Global Bond ETF. They receive a sub-advisor fee at an annual rate based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.40</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">American Wealth Management serves as investment sub-advisor to Meidell Tactical Advantage ETF. They receive a sub-advisory fee at an annual fee of 0.70% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Newfleet Asset Management, LLC serves as the investment sub-advisor to Newfleet Multi-Sector Income ETF. They receive a sub-advisory fee at an annual fee of 0.25% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Peritus I Asset Management, LLC serves as the investment sub-advisor to Peritus High Yield ETF. They receive a sub-advisory fee at an annual fee of 0.75% based on the average daily net assets. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">160</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Investment Advisory Agreement and Other Agreements – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pring Turner Capital Group serves as the investment sub-advisor to Pring Turner Business Cycle ETF. They receive a sub-advisory fee at an annual fee of 0.55% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Commerce Asset Management, LLC serves as investment sub-advisor to QAM Equity Hedge ETF. They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>AUM Schedule</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$0 – $250,000,000</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.55</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$250,000,001 +</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.60</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Ranger Alternative Management LP, serves as investment sub-advisor to Ranger Equity Bear ETF. They receive a sub-advisory fee at an annual fee of 1.00% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Partnervest Advisory Services, LLC serves as investment sub-advisor to STAR Global Buy-Write ETF. They receive a sub-advisory fee at an annual fee of 0.85% based on the average daily net assets. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">TrimTabs Asset Management, LLC serves as investment sub-advisor to TrimTabs Float Shrink ETF. They receive a sub-advisory fee at an annual fee of 0.64% based on the average daily net assets. From time to time, each sub-adviser may waive all or a portion of its fee. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">WCM Investment Management serves as the investment sub-advisor to WCM/BNY Mellon Focused Growth ADR ETF. They receive a sub-advisory fee at an annual fee of 0.25% based on the average daily net assets. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Expense Limitation Agreement </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Advisor has contractually agreed to reduce their fees and reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding a specified for each Fund’s average daily net assets. The expense limitation agreement will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. The investment advisory agreement may only be terminated with the approval of the Fund’s Board. The expense caps in effect for each Fund during the year ended June 30, 2013 were as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Rate:</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD NOWRAP STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->%*</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.95</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.75</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.35</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.50</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.85</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.85</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.99</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Prior to October 29, 2012 the rate was 0.99%. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">161</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Investment Advisory Agreement and Other Agreements – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the year ended June 30, 2013, the Advisor waived fees and reimbursed expenses for each Fund as follows. Each Fund may recoup such waivers until the date indicated. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="309"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="69"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="69"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Expenses Reimbursed:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Recoupment<BR> Amount:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Recoupment Expiration:</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 66,702</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,292</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204,653</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,973</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,973</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>355,328</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>352,918</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,384</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,384</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,308</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,308</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>94,692</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>94,692</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>129,383</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>120,880</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,571</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,571</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>144,954</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>136,451</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>83,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>83,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>83,603</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,733</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,534</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,175</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>59,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>59,617</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>96,525</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>96,326</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,992</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,515</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,515</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>34,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>29,772</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>60,597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>60,597</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>103,519</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>103,519</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,772</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>79,573</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>79,573</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>119,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>119,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>206,202</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>203,937</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>76,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>76,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>76,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>76,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>68,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>68,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>68,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>68,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Qam Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>98,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>98,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>98,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>98,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>58,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>58,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>58,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>58,584</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trimtabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,768</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,768</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>113,494</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>113,494</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Trimtabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>180,262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>180,262</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>118,635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>114,564</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2014</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>214,032</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>214,032</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>06/30/2015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>93,893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>93,893</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>06/30/2016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>426,560</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>422,489</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Global Echo Fund. There are no expenses reimbursed or recouped for that Fund. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">162</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Investment Advisory Agreement and Other Agreements – (continued)</H2>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Administrator, Custodian, Fund Accountant and Transfer Agent </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Bank of New York Mellon (“BNYM”) (in each capacity, the “Administrator”, “Custodian”, “Fund Accountant” or “Transfer Agent”), serves as the Fund’s Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a certain Fund Administration and Accounting Agreement, a Custody Agreement or a Transfer Agency and Service Agreement, as the case may be. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Distribution and Service (12b-1) Plan </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Foreside Fund Services, LLC (the “Distributor”) serves as the Fund’s distributor of Creation Units for the Fund pursuant to the distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. No fees are currently paid by each Fund under a Plan, and there are no current plans to impose these fees. However, in
the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in each Fund. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Creation and Redemption Transactions </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called “Creation Units.” Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only “Authorized Participants” may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most
retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5. Summary of Fair Value Disclosure </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 820-10, <I>Fair Value Measurements and Disclosures</I>, defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 70px; text-align: left">Level 1 — </TD>
<TD STYLE="text-align: left">unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access. </TD>
</TR>
</TABLE>
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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 70px; text-align: left">Level 2 — </TD>
<TD STYLE="text-align: left">Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. </TD>
</TR>
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<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 70px; text-align: left">Level 3 — </TD>
<TD STYLE="text-align: left">Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">163</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5. Summary of Fair Value Disclosure – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933 as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant
event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund’s net asset value is computed and that may materially affect the value of the Fund’s investment). Examples of events that may be “significant events” are government actions, natural disasters, armed conflicts and acts of terrorism. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following is a summary of the inputs used as of June 30, 2013 in valuing the Funds’ assets carried at fair value: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="161"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="66"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="66"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="78"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="66"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="58"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accuvest Global<BR> Long Short<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Cambria<BR> Global<BR> Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Madrona Domestic<BR> ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 1<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Traded Funds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 42,004,388</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 17,519,824</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 38,926,340</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 480,968</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 1,309,919</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Common Stocks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>705,151</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,690,004</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,334,605</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>155,889</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,835,512</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>156,561</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>446,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>295,849</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 2<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Common Stocks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Municipal Bonds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Backed Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>244,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commerical Mortgage Backed Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,813</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps Contracts†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>825,282</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investment of Cash Collateral for Securities Loaned</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,442,725</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,252,482</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,278</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>149,904</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>159,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><U>Liabilities</U><BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 1<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Traded Funds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,197,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 2<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Swaps Contracts†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(81,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 33,550,656</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 23,118,438</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 57,014,334</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 1,429,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 5,564,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 18,789,506</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">†</TD>
<TD STYLE="text-align: left">Derivative instruments, including swap contracts, are valued at the net unrealized gain(loss) on the instrument. </TD>
</TR>
</TABLE>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">164</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5. Summary of Fair Value Disclosure – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="180"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Meidell<BR> Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Newfleet Multi Sector ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Pring Turner Business Cycle ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 1<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Traded Funds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 22,358,499</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,209,856</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,643,766</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Common Stocks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,682,823</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,377,618</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>226,433</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>259,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,179,280</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,835,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,320,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,703,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 2<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Corporate Bonds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,825,418</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>224,383,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign Bonds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,434,919</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,951,332</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US Treasury Notes</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,191,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US Government Agency Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,411,257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Asset Backed Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,611,315</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mortgage Backed Securities</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,081,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Term Loans</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,583,756</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Investment of Cash Collateral for Securities Loaned</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,679,025</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,332,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>675,368</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,628,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>46,056,940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>632,149</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 31,263,957</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,274,703</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,064,504</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>87,602,928</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>301,712,344</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,356,920</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="220"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="81"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="65"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Assets</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>WCM/BNY<BR> Mellon Focused Growth ADR ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 1<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Traded Funds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,212,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,589,276</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Common Stocks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,641,591</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,095,329</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Money Market Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>736,137</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,389,265</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,719,548</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>274,864</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 2<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>U.S Treasury Notes</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,919,594</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Purchased Put Options</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84,316</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Swaps Contracts†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,537</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investment of Cash Collateral for Securities Loaned</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>243,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>518,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><U>Liabilities</U><BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 1<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exchange Traded Funds</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(228,707</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Common Stocks</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(214,083,194</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Written Call Options</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(315,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Level 2<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Swaps Contracts†</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,638</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,714,703</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(121,693,929</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>20,996,744</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,885,006</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,888,930</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">†</TD>
<TD STYLE="text-align: left">Derivative instruments, including swap contracts, are valued at the net unrealized gain(loss) on the instrument. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following is a summary of transfers between Level 1 and Level 2 fair value measurements that occurred during the year ended June 30, 2013. All transfers between Level 1 and Level 2 fair value measurement are done using the beginning of period method. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="322"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Transfers from<BR> Level 1 to 2<sup>(1)</sup></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Transfers from Level 2 to 1</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>61,704</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">(1)</TD>
<TD STYLE="text-align: left">Transfers from Level 1 to Level 2 are as a result of the unavailability of a quoted price in an active market. </TD>
</TR>
</TABLE>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The funds did not hold any level 3 securities as of June 30, 2013. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">165</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><BR></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">6. Valuation of Derivative Instruments </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirement for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivatives instruments, how derivatives instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At June 30, 2013, the fair values of derivative instruments were as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Statement of Assets and Liabilities: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="242"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Asset Derivatives:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Equity Risk</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Unrealized Appreciation on<BR> Swaps Contracts</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>825,282</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Unrealized Appreciation on<BR> Swaps Contracts</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,537</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Investments – Options Purchased</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>84,316</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> 915,135</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="242"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Liability Derivatives:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Equity Risk</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Unrealized Depreciation on<BR> Swaps Contracts</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(81,867</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Unrealized Depreciation on<BR> Swaps Contracts</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,638</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Investments – Options Purchased</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(315,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(408,495</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Transactions in derivative instruments during the year ended June 30, 2013, were as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Statement of Operations: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="242"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Realized Gain (Loss):</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Equity Risk</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(779,425</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,371</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Investments – Options Purchased</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(27,580</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1> (777,541</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="242"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund:</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change in Unrealized Gain (Loss):</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Equity Risk</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>743,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Swaps</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Investments – Options Purchased</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(175,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options Written</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(74,476</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>488,260</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">166</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">6. Valuation of Derivative Instruments – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the year ended June 30, 2013, the volume of the derivatives held by the Funds was as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="266"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="96"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>STAR Global<BR> Buy-Write ETF</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Long Equity Swaps Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,187,960</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,242</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short Equity Swaps Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>872,407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,145</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Purchased Equity Options Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,635</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Written Equity Options Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Federal Income Tax </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds intend to qualify as a “regulated investment company” under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund’s tax
returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2011 – 2013), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">167</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Federal Income Tax – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At June 30, 2013, the cost of investments, including short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="142"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="78"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="69"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Cost</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Gross<BR> Unrealized Appreciation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Gross<BR> Unrealized Depreciation</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Net Unrealized Appreciation (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Other<BR> Derivatives Net Unrealized Appreciation/(Depreciation)</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,606,652</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,323,099</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,122,510</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(799,411</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>743,415</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global<BR> Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,350,722</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>615,303</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(847,587</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(232,284</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,874,087</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,666,226</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(525,979</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,140,247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,324,110</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>123,522</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(17,674</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,396,478</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>256,661</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(88,982</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>167,679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,938,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,177,608</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(326,336</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,851,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,727,636</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,748</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(714,427</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(463,679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,490,729</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,084,723</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,300,749</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(216,026</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,072,169</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,522</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>89,260,021</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,076</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,691,169</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,657,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>302,338,942</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,658,974</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,285,572</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(626,598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,385,158</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,507</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(193,745</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(28,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,546,874</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>216,317</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(43,387</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>172,930</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,101</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(105,468,841</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,382,869</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(17,607,957</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,225,088</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,655,602</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>616,146</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,275,004</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(658,858</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,480,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>871,498</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(467,489</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>404,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,180,128</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,120,756</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(411,954</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>708,802</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">168</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Federal Income Tax – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At June 30, 2013, the components of distributable earnings/loss on a tax-basis were as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="561" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="144"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="69"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="77"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Undistributed Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accumulated Capital Gains/(Losses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Timing<BR> Difference</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Net Unrealized<BR>Appreciation<BR> (Depreciation)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total<BR> Earnings<BR> (Losses)</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,438,066</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (98,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(55,996</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (6,592,585</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,165</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,858,559</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(232,284</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,067,678</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,190,690</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(142,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,140,247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,193,032</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,352</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,605</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105,848</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>106,595</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,380</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(68,260</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>167,679</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>101,799</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,705</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,294,859</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,851,272</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,585,118</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MadronaGlobal Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(49,279</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(463,680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(500,505</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>236,316</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,591,648</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(216,026</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,571,358</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(484,575</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(492,677</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(24,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,657,093</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,681,629</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,177,457</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(689,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(626,598</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(138,231</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,724</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,200</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(28,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,714</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,204</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,317</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>167,829</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,308</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91,801,355</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,078,610</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,225,087</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(111,105,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(267,931</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(109,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(658,858</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,036,620</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,680</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(44,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>404,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>380,038</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(167,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>708,802</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>544,234</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At June 30, 2013, the effect of permanent book/tax reclassifications resulted in increases/(decreases) to the components of net assets as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="286"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Undistributed Net Investment Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accumulated Net Realized Gains/(Losses)</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Paid-In<BR> Capital</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>535,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (2,758,732</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,223,067</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,048</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,259,232</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,254,184</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(55,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,927,247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,982,916</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(853</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(46,638</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,491</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,434</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(244,374</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>235,940</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,804</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,380,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,378,245</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,838</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(240,631</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,793</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,351</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,360,758</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,354,407</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,009</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,062,228</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,035,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(391,887</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>391,887</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(150</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,038</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,781</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(257</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,183,715</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,183,715</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,359</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>321</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,468,990</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,468,669</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,643</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(131</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">169</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Federal Income Tax – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses and distribution reclassifications. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The tax character of distributions paid during the years ended June 30, 2013 and 2012 were: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="294"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2013<BR> Ordinary<BR> Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2013<BR> Long Term Capital Gain</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2012<BR> Ordinary Income</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,188</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>185,454</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,451,034</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,214,084</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,701</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,426</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>73,945</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,582</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>624,852</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,109</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>441,742</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>185,288</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,112</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,270</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400,645</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,688,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,319,917</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,646</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>109,016</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>109,337</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,501</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,975</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,639</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">170</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Federal Income Tax – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Under current tax regulations, capital losses on securities transactions realized after October 31 (“Post-October Losses”) may be deferred and treated as occurring on the first business day of the following fiscal Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. Post-October losses and ordinary income losses deferred to July 1, 2013 are as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="270"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="84"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Late-Year<BR>Ordinary<BR> Deferral</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Short-Term <BR>
Post-October<BR>Loss</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Long-Term<BR> Post-October<BR>Loss</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98,523</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,329,087</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>893,601</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>142,589</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>685,699</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,236</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,154</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,444</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,559</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,193</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>134,152</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,095</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>437</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>177,161</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,123</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,578</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,090</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,222</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,470</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,204</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,078,609</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55,907,531</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>109,831</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>117,720</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>367,877</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following Funds have capital loss carryforwards available to offset future realized gains of: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="275"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="85"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="85"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Short-Term<BR> Post-Effective<BR> No Expiration</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Long-Term<BR> Post-Effective<BR> No Expiration</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,677,321</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>431,658</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,108,979</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>964,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>964,958</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,479,755</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,479,755</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,816</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,816</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,058,754</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>180,546</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,239,300</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,086</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,086</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,103,717</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>347,684</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,451,401</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>303,291</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>303,291</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,893,824</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,893,824</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,651</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>167,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>167,157</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds did not have any capital loss carryforwards to offset taxable capital gains realized during the year ended June 30, 2013. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On December 22, 2010, the Regulated Investment Company (“RIC”) Modernization Act of 2010 (the “Act”), The Act permits to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">171</P>
</DIV>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Federal Income Tax – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">result of this ordering rule, pre-enactment capital loss carry forwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The carry forward capital losses noted above are all post-enactment capital loss carry forwards. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">8. Other Affiliated Parties and Transactions </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the year ended June 30, 2013 are as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="182"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="74"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="54"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="61"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Affiliated Fund Name</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value at<BR> 06/30/2012</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Purchases/<BR>Additions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Sales/<BR>Reductions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Value at<BR> 06/30/2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Dividend Income</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Realized<BR>Gain (Loss)</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Global Echo ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 43,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204,049</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(210,740</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 25,840</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,885</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,093,924</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(53,160</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,049,143</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>147,509</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,073</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>Pring Turner Business Cycle ETF<BR></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> </TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>288,187</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>282,085</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9. Investment Transactions </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Purchases and sales of investments for the year ended June 30, 2013 are as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="130"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="78"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="78"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="67"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Purchases</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Sales</TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Long Term</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>U.S. Government</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>In-Kind</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Long Term</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>U.S. Government</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>In-Kind</TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 111,549,071</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,748,318</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 109,555,327</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,726,779</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,596,968</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,636,859</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,597,984</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,469,898</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>147,089,410</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>152,046,052</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,607,219</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>582,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,142,836</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>551,096</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,133,615</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Echo ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,898,015</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,629,247</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,092,978</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,635,039</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,442,741</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,900,136</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,613,553</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,443,224</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,597,323</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,321,934</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,371,774</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,509,999</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,882,544</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,683,628</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,735,927</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,749,189</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,105,671</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,172,524</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,765,485</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,005,737</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,113,129</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>73,202,366</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,340,466</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,981,328</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>230,892,494</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,323,128</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,272,406</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Pring Turner Business Cycle ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>842,065</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,799,694</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,564,625</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,352,000</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,233,022</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,790,027</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ranger Equity Bear ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,995,906,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,806,152,592</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,812,112</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,330,909</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,914,997</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TrimTabs Float Shrink<BR> ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,315,692</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54,358,971</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,129,749</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>34,725,822</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,860,541</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,573,456</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">172</P>
</DIV>
<HR STYLE="width: 708px; height: 2px; text-align: center">
<div id="PN" style="PAGE-BREAK-AFTER: always"> </div>
<div id="HDR"> </div>
</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm">
<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9. Investment Transactions – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Options written transactions, during the year ended June 30, 2013, were as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="354"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Contracts</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Premiums Paid/ Received</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options outstanding at September 17, 2012*</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>—</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options written</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,349</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>961,147</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Options terminated in closing purchase transactions</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,238</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(546,880</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Options expired</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,519</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(172,753</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Options outstanding at June 30, 2013</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,592</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> 241,514</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">
<TD STYLE="width: 1px"></TD>
<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Commencement of operations. </TD>
</TR>
</TABLE>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">10. Risks Involved with Investing in the Funds </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds are subject to the principal risks described below, some or all of these risks may adversely affect the Funds’ NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in each Fund could result in a loss or the performance of each Fund could be inferior to that of other investments. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Fund of Funds Risk </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Some of the Funds’ investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds are subject to the risk associated with the Underlying ETFs that comprise their Underlying Index. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Liquidity Risk </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. To the extent that there is not an established retail market for instruments in which the Fund may invest, trading in such instruments may be relatively inactive. Trading in shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules. There can be no assurance that
the requirements necessary to maintain the listing of the shares of the Fund will continue to be met or will remain unchanged. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Market Risk </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. The Fund’s investments may decline in value due to factors affecting securities markets generally, or particular countries, segments, economic sectors, industries or companies within those markets. The value of a security held in a short position may increase due to general economic and market conditions which are not specifically related to a particular issuer, such as real or perceived positive economic conditions or changes in interest or currency rates. Because the market value of ETF shares may differ
from their net asset value, the shares may trade at a premium or discount. An investment in the Fund may lose money. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">173</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">10. Risks Involved with Investing in the Funds – (continued)</H2>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">New Fund Risk </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Some of the Funds are new funds. As new funds, there can be no assurance that the Funds will grow to or maintain an economically viable size, in which case the Funds may experience greater tracking error to their Underlying Index than it otherwise would be at higher asset levels or it could ultimately liquidate. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11. New Accounting Pronouncements </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2011, the FASB issued Accounting Standards Update No. 2011-11, <I>Disclosures about Offsetting Assets and Liabilities</I> (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement.
In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On January 31, 2013, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”). ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging); (ii) repurchase agreements and reverse repurchase agreements; and (iii) securities borrowing and
securities lending transactions. The disclosures are required irrespective of whether the transactions are offset in the statement of assets and liabilities. The effective date and transition of the disclosure requirements in ASU 2011-11 remain unchanged. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At this time, management is evaluating the implications of ASU 2011-11 and ASU 2013-01 and their impact on the Trust’s financial statements. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Subsequent Events </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Funds have adopted authoritative standards of accounting for disclosure of events that occur after the Statements of Asset and Liabilities date but before financial statements are issued or are available to be issued. These standards require the Fund to recognize in the financial statements the effects of all recognized subsequent events that provide additional evidence about conditions that existed at the date of Statement. </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">174</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORSHARES TRUST</B><BR> <B>Notes to Financial Statements</B><BR> <BR> June 30, 2013<BR> <BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"> <BR> <BR></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">13. Unaudited Tax Information </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Qualified Dividend Income — Certain dividends paid by the Funds may be subject to a minimum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the period ended June 30, 2013, taxed at a maximum rate of 15% were: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Percentage</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30.57</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37.68</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80.39</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52.12</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trim Tabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81.69</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92.43</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the period ended June 30, 2013 that qualifies for the dividends received deduction were: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Percentage</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21.49</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Global Alpha & Beta ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Domestic ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.86</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona International ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.80</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>QAM Equity Hedge ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49.76</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trim Tabs Float Shrink ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>86.62</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>WCM/BNY Mellon Focused Growth ADR ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23.18</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Qualified Interest Income — For NRA shareholders, the percentage of ordinary income distributions for the period ended June 30, 2013 that qualifies as qualified interest income were: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Fund</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Percentage</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Madrona Global Bond ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>55.47</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Newfleet Multi-Sector Income ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Peritus High Yield ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91.45</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows: </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<TR>
<TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="336"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER --> </TD>
<TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="122"></TD>
</TR>
<TR>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Taxes Paid</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Foreign Source Income</TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Long Short ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,205</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>143,229</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accuvest Global Opportunities ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,011</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,557</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cambria Global Tactical ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,857</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183,844</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: white">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Meidell Tactical Advantage ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,735</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,806</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
<TR STYLE="background-color: #CCFFCC">
<TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>STAR Global Buy-Write ETF</TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,905</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --> </TD>
<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,665</TD>
<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT --> </TD>
</TR>
</TABLE></DIV>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">175</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tRIRPAF"></a>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </H1>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>To the Board of Trustees and Shareholders<BR> AdvisorShares Trust</B> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have audited the accompanying statements of assets and liabilities of Accuvest Global Long Short ETF, Accuvest Global Opportunities ETF, Cambria Global Tactical ETF, Global Alpha & Beta ETF, Global Echo ETF, Madrona Domestic ETF, Madrona Global Bond ETF, Madrona International ETF, Meidell Tactical Advantage ETF, Newfleet Multi-Sector Income ETF, Peritus High Yield ETF, Pring Turner Business Cycle ETF, QAM Equity Hedge ETF, Ranger Equity Bear ETF (formerly known as Active Bear ETF), STAR Global Buy-Write ETF, TrimTabs Float Shrink ETF and WCM/BNY Mellon Focused Growth ADR ETF, each a series of AdvisorShares Trust (the
“Trust”), including the schedules of investments as of June 30, 2013, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated thereon. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal controls over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Accuvest Global Long Short ETF, Accuvest Global Opportunities ETF, Cambria Global Tactical ETF, Global Alpha & Beta ETF, Global Echo ETF, Madrona Domestic ETF, Madrona Global Bond ETF, Madrona International ETF, Meidell Tactical Advantage ETF, Newfleet Multi-Sector Income ETF, Peritus High Yield ETF, Pring Turner Business Cycle ETF, QAM Equity Hedge ETF, Ranger Equity Bear ETF (formerly known as Active Bear ETF), STAR Global Buy-Write ETF, TrimTabs Float Shrink ETF and
WCM/BNY Mellon Focused Growth ADR ETF, as of June 30, 2013, and the results of their operations, the changes in their net assets and their financial highlights for the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 264px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>TAIT, WELLER & BAKER LLP</B> </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Philadelphia, Pennsylvania<BR> August 28, 2013 </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">176</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tBTO"></a>ADVISORSHARES TRUST<BR> <a name="tBTO"></a>Board of Trustees and Officers (Unaudited)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The business of the Trust is managed under the direction of the Trust’s Board of Trustees. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. Each Trustee serves until his or her successor is duly elected or appointed and qualified. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The name, age, address, and principal occupations during the past five years for each Trustee and officer of the Trust is set forth below, along with the other public directorships held by the Trustees. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Name, Address<BR> and Date of Birth<BR> of Trustee/Officer</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Position(s)<BR> Held with<BR> the Trust,<BR> Term of Office<BR> and Length of<BR> Time Served</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Principal Occupation(s)<BR> During Past 5 Years</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Number of Portfolios in Fund Complex Overseen by Trustee/ Officer</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Other Directorships Held by Trustee</TD>
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<TD STYLE="text-align: center; font-weight: bold" ROWSPAN=1 COLSPAN=9>Interested Trustee</TD>
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<TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>Noah Hamman*<BR> 2 Bethesda Metro Center, Suite 1330, Bethesda, MD 20814<BR> (1968)</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">Trustee,<BR> No set term;<BR> served since 2009</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chief Executive Officer, Principal Financial Officer and President of AdvisorShares Trust (2006 – present); Chief Executive Officer, President and Founder of AdvisorShares Investments, LLC – Investment Advisory Services (2006 – present); President and CEO of Arrow Investment Advisors, LLC (2006 – 2008); Vice President – Business Development of Rydex Investments (2001 – 2006).</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">22</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">None</TD>
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<TD STYLE="text-align: center; font-weight: bold" ROWSPAN=1 COLSPAN=9>Independent Trustees</TD>
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<TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>Elizabeth (“Betsy”) Piper/Bach<BR> 2 Bethesda Metro Center, Suite 1330, Bethesda, MD 20814<BR> (1952)</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">Trustee,<BR> No set term;<BR> served since 2009</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Vice President/Chief Operating Officer of NADA Retirement Administrators, Inc. (2009 – present); President of<BR> Cardinal Trust and Investments; Chief<BR> Investment Officer for Wilson/Bennett<BR> Capital Management (2006); Senior<BR> Vice President and Chief Trust Officer<BR> at FBR National Trust Co.,<BR> (2001 – 2006).</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">22</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">None</TD>
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<TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>William G. McVay<BR> 2 Bethesda Metro Center, Suite 1330, Bethesda, MD 20814<BR> (1954)</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">Trustee,<BR> No set term;<BR> served since 2011</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Founder of RDK Strategies, LLC (2007 – present); Vice President of Zephyr Associates, Inc. (2001 – 2006); Executive Vice President of Financeware, Inc. (2000); First Vice President of Legg Mason Wood Walker, Inc. (1989 – 2000).</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">22</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">None</TD>
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<TD STYLE="text-align: center; font-weight: bold" ROWSPAN=1 COLSPAN=9>Officers of AdvisorShares Trust</TD>
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<TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>Noah Hamman<BR> 2 Bethesda Metro Center, Suite 1330, Bethesda, MD 20814<BR> (1968)</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">Chief Executive<BR> Officer &<BR> President,<BR> No set term;<BR> served since 2009</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chief Executive Officer, Principal<BR> Financial Officer and President of<BR> AdvisorShares Trust (2006 – present);<BR> Chief Executive Officer, President and Founder of AdvisorShares Investments, LLC (2006 – present); President and<BR> CEO of Arrow Investment Advisors,<BR> LLC (2006 – 2008); Vice<BR> President – Business Development of<BR> Rydex Investments (2001 – 2006).</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">22</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">None</TD>
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<TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>Dan Ahrens<BR> 4144 N. Central Expressway, Suite 600, Dallas, TX 75204<BR> (1966)</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">Chief Compliance<BR> Officer, Secretary<BR> & Treasurer,<BR> No set term;<BR> served since 2009</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Executive Vice President of AdvisorShares Investments, LLC (2008 – present); President of Ahrens Advisors, LP (2005 – 2008); President of Mutuals Advisors, Inc. & Mutuals.com Funds (2003 – 2005).</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">22</TD>
<TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER --> </TD>
<TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">None</TD>
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<TD STYLE="width: 20px; text-align: left">*</TD>
<TD STYLE="text-align: left">Mr. Hamman is an “interested” person of the Trust, as that term is defined in the 1940 Act, by virtue of his ownership and controlling interest in the Advisor. </TD>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">177</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Board Review of Investment Advisory and Sub-Advisory Agreements<a name="tBRIA"></a> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"><BR></P>
<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 1pt"> </FONT><FONT STYLE="font-size: 10pt"><BR></FONT></H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL</B> </H2>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Renewal of the Advisory Agreement and Peritus High Yield ETF, Meidell Tactical Advantage ETF and TrimTabs Float Shrink ETF Sub-Advisory Agreements </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on February 26, 2013 and May 20, 2013 (together, the “Meetings”), the Board, including those trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), unanimously approved the renewal of (a) separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Peritus I Asset
Management, LLC (“Peritus”), a California limited liability company, on behalf of the Peritus High Yield ETF, (2) American Wealth Management (“AWM”), a Nevada corporation, on behalf of the Meidell Tactical Advantage ETF, and (3) TrimTabs Asset Management, LLC (“TrimTabs” and, together with Peritus and AWM, the “Sub-Advisors”), a Delaware corporation, on behalf of the TrimTabs Float Shrink ETF, and (b) the investment advisory agreement (together with the Sub-Advisory Agreements, the “Advisory Agreements”) between the Advisor and the Trust on behalf of following series: WCM/BNY Mellon Focused Growth ADR ETF, Accuvest Global Long Short ETF, Peritus High Yield ETF, Ranger Equity Bear ETF (formerly, Active Bear ETF), Cambria Global Tactical ETF, Madrona Domestic ETF, Madrona International ETF, Madrona Global Bond ETF, Meidell Tactical Advantage ETF, TrimTabs Float Shrink ETF, Accuvest Global Opportunities ETF, Global Echo ETF, Global Alpha
& Beta ETF, QAM Equity Hedge ETF, STAR Global Buy-Write ETF, Pring Turner Business Cycle ETF and Newfleet Multi-Sector Income ETF (each, a “Fund” and collectively, the “Funds”).</P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to Section 15(c) of the 1940 Act, the Board must annually review and re-approve the existing Advisory Agreements after their initial two-year term: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds a meeting to decide whether to renew the Advisory Agreements for an additional one-year term. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors.
The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board, to help decide whether to renew the Advisory Agreements for an additional year. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Prior to this year’s Meetings, the Board, including the Independent Trustees, reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services to be provided by the Advisor and each Sub-Advisor; (ii) the investment performance of each Fund; (iii) the costs of the services to be provided and profits to be realized by the Advisor and its affiliates from the relationship with the Funds; (iv) the costs of the services to be provided and profits and other benefits to be realized by the Sub-Advisor and its affiliates from the relationship with each
Fund; (v) the respective personnel and operations of the Sub-Advisor; (vi) the extent to which economies of scale would be realized as each Fund grows; and (vii) whether fee levels reflect the sharing of these economies of scale for the benefit of each Fund’s shareholders, as discussed in further detail below. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At the Meetings, representatives of the Advisor and each Sub-Advisor, along with other Fund service providers, presented additional oral and written information to help the Board evaluate the Advisor’s and each Sub-Advisor’s advisory fees and other aspects of the Advisory Agreements. The Advisor provided an overview of the Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and also discussed compliance oversight. The representatives from each Sub-Advisor then discussed their management of each Fund in more detail, including the Fund’s
strategy, the focus in the markets, the Fund’s positioning in the </P>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">178</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> </H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">market, and its attractive and unique offering. The representatives also discussed the company’s overall business generally, including any noteworthy personnel changes. The Board discussed the written materials that the Board received before the Meetings, the Advisor’s and Sub-Advisors’ oral presentations, and any other information that the Board received at the Meetings, as well as information they had received during the year at prior board meetings, and then deliberated on the renewal of the Advisory Agreements in light of this information. In its deliberations, the Board considered the factors and reached the
conclusions described below relating to the selection of the Advisor and Sub-Advisors and the renewal of the Advisory Agreements. The Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Nature, Extent and Quality of Services Provided by the Advisor and Sub-Advisors </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In considering the nature, extent and quality of the services provided by the Advisor and each Sub-Advisor, the Board reviewed the portfolio management services provided to the Funds. The Board also noted the extensive responsibilities that the Advisor has as investment adviser to the Funds, including the selection of the Funds’ sub-advisers and oversight of the sub-advisers’ compliance with Fund policies and objectives, oversight of general Fund compliance with federal laws, and the implementation of Board directives as they relate to the Funds. The most recent investment adviser registration forms (“Forms
ADV”) for the Advisor and each Sub-Advisor were also provided to the Board, as were the responses of the Advisor and each Sub-Advisor to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Board also considered the Advisor’s overall high quality of personnel, operations, financial condition, and investment advisory capabilities and information concerning each Sub-Advisor’s compliance function, operational capabilities and portfolio management team. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Advisor and each Sub-Advisor. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investment Performance of the Funds </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Board was provided with information regarding each Fund’s performance since the Advisory Agreements were last approved, as well as information regarding each Fund’s performance since its inception. At the Meetings, representatives of the Advisor and each Sub-Advisor provided information regarding, and led a discussion of, factors impacting the performance of the Funds, outlining current market conditions and explaining the Advisor’s and each Sub-Advisor’s expectations and strategies for the future. Based on this information, the Board concluded that it was satisfied with the investment results that the
Advisor and each Sub-Advisor had been able to achieve for the Funds.</P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Costs of Advisory Services, Profitability and Economies of Scale </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In concluding that the advisory and sub-advisory fees payable with respect to each Fund were reasonable, the Board reviewed a report of the advisory fees paid by each Fund to the Advisor, the sub-advisory fees paid by the Advisor to each Sub-Advisor, and the fees and expenses waived and/or reimbursed by the Advisor and each Sub-Advisor over the period, as well as the costs and other expenses incurred by the Advisor and each Sub-Advisor in providing advisory services. The Board also reviewed reports comparing the advisory fees paid by each Fund to those paid by other comparable funds and noted each Fund’s advisory fees were
consistent with the range of advisory fees paid by other peer funds. The Board concluded for each Fund that the advisory fees appeared reasonable in light of the services rendered. In addition, the Board considered for each Fund whether economies of scale were realized during the current contract period, but concluded that no significant economies of scale had yet been achieved. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Based on its deliberations and evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously: (i) concluded that the terms of the Advisory Agreements </P>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">179</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> </H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">are fair and reasonable; (ii) concluded that the Advisor’s fees are reasonable in light of the services that it provides to the Funds; (iii) concluded that each Sub-Advisor’s fees are reasonable in light of the services that it provides to its respective Fund; and (iv) agreed to renew the Advisory Agreements for another year.</P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Initial Approval of the Advisory and Sub-Advisory Agreements for International Gold ETF, Gartman Gold/British Pound ETF, Gartman Gold/Euro ETF, Gartman Gold/Yen ETF and Newfleet Multi-Sector Income ETF</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At meetings of the Board held on May 21, 2012 and August 14, 2012 (together, the “Initial Approval Meetings”), the Board considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and AdvisorShares Investments, LLC (the “Advisor”), for an initial term of two years, on behalf of the International Gold ETF, Gartman Gold/British Pound ETF, Gartman Gold/Euro ETF, Gartman Gold/Yen ETF and Newfleet Multi-Sector Income ETF (each, a “Fund,” and collectively, the “Funds”). The Board also considered the approval of separate sub-advisory
agreements (collectively, the “Sub-Advisory Agreements,” and together with the Advisory Agreement, the “New Agreements”) between the Advisor and (1) Newfleet Asset Management, LLC (“Newfleet”), a Delaware corporation, on behalf of the Newfleet Multi-Sector Income ETF and (2) Treesdale Partners, LLC, (together with Newfleet, the “Sub-Advisors,” and, collectively with Newfleet and the Advisor, the “Advisors”) a Delaware corporation, on behalf of the International Gold ETF, Gartman Gold/British Pound ETF, Gartman Gold/Euro ETF, and Gartman Gold/Yen ETF pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to Section 15(c) of the 1940 Act, the Board considered the approval of the New Agreements for initial two-year terms. Each New Agreement, after the initial two-year term, must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of each Fund and (ii) by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. After the initial two-year term, the Board will call and hold a meeting each year to decide whether to renew each New Agreement for an additional one-year term. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with its consideration of the New Agreements, the Board, including the Independent Trustees, was presented with, and requested, received and evaluated, materials about the New Agreements and the services proposed to be provided thereunder, including information about the investment advisory fee rates and related matters from the Advisors. In that regard, the Board reviewed presentations it received from each Sub-Advisor, which included information with respect to staffing, management, organizational structure and investment philosophy and processes at each firm. The Board also reviewed information comparing the
proposed investment advisory fee rates with a group of comparable funds. The Board also received various other materials which it considered relevant to its consideration and approval of the proposed New Agreements. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At the conclusion of its review of the materials discussed above and the discussions among the Trustees leading up to and during the Initial Approval Meetings, the Board, on behalf of the Trust and the Funds, agreed that it had been furnished with sufficient information to make an informed business decision with respect to approval of each of the proposed New Agreements. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In considering each of the proposed New Agreements, the Board considered factors bearing on the nature, extent and quality of the services proposed to be provided to the Funds, and the costs of those services, with a view toward making a business judgment as to whether each of the proposed New Agreements is, under the circumstances, in the best interests of the Funds. Among the factors that the Board considered and conclusions that the Trustees, in their business judgment reached, included principally the following: (i) their favorable evaluation of the investment performance of each Advisor; (ii) their favorable evaluation of
the nature, extent and quality of the investment management services proposed to be provided by the Advisors to the Funds; (iii) their satisfaction that the investment advisory fee rates proposed for the Funds are consistent with applicable standards and are reasonable </P>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">180</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> </H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL – (continued)</H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">and fair; and (iv) their assessment that the Advisors’ projected profitability in connection with providing investment management services to the Funds would not be excessive. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual trustees may have attributed different weights to various factors. Certain factors considered by the Board at the Initial Approval Meetings are addressed in more detail below. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Nature, Quality, and Extent of Services to be Provided by the Advisor and Sub-Advisors </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In considering the nature, extent and quality of the services proposed to be provided by the Advisors, the Board reviewed the services to be provided by each firm and the qualifications and backgrounds of the portfolio managers responsible for managing the Funds. The Board also discussed information set forth in each firm’s Form ADV (Parts 1A and 2A), which provides information about each firm, its management, and its business activities and affiliations. In addition, the Board observed that the Chief Compliance Officer of the Trust reviewed each firm’s compliance program and determined that they were reasonably
designed to prevent violation of the federal securities laws as applicable to the Funds. The Board considered the professional experience and qualifications of each Sub-Advisor’s senior management and key professional personnel, including those individuals responsible for portfolio management. The Board also considered each Sub-Advisor’s operational capabilities and resources, and its depth and breadth of experience in managing investment portfolios. Based on its review, the Board determined that the Advisor, the Sub-Advisors and their respective personnel were well-qualified to provide all required services to the Funds and to provide services that are of high quality, and that each firm has appropriate resources to provide such services. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Performance of the Funds </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with the assessment of the ability of each Sub-Advisor to perform its duties under its Sub-Advisory Agreement, the Board considered the sufficiency of each Sub-Advisor’s resources. The Board concluded that each Sub-Advisor had the financial resources necessary to perform its obligations under its Sub-Advisory Agreement. The Board heard an overview of each Sub-Advisor’s investment philosophy, the proposed portfolio construction of each Fund, and the specific investment techniques to be employed. The Board also reviewed the overall investment performance of each Sub-Advisor. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cost of Services to be Provided and Profits to be Realized by the Advisor, Sub-Advisors and their Affiliates under the New Agreements, and Comparative Fees </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Board considered the cost of the services to be provided by the Advisors and reviewed the investment advisory fees to be paid pursuant to the New Agreements. In addition, the Board discussed the fee arrangements between the Advisor and each Sub-Advisor. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds in peer groups, and evaluated the proposed advisory fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangements to waive a portion of its
advisory fee in an effort to control the expense ratios of the Funds. Based on the foregoing considerations, the Board determined that it was satisfied that the investment advisory fee rate proposed for each of the Funds was consistent with applicable standards and was reasonable and fair. </P>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Economies of Scale </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Board concluded that economies of scale would not likely be realized during the Sub-Advisors’ initial term and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in any of the Funds, the Board determined to reassess whether the investment advisory and sub-advisory fees paid to the Advisor and the Sub-Advisors appropriately took into account any economies of scale that had been realized as a result of that growth.</P>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">181</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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<H1 STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> </H1>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL – (continued)</H2>
<H3 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Conclusion </H3>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the New Agreements are fair and reasonable; (ii) concluded that the Advisor’s fee is fair and reasonable in light of the services that it will provide to the Funds; (iii) concluded that the fees for each Sub-Advisor are each fair and reasonable in light of the services that each Sub-Advisor will provide to its respective Fund; and (iv) agreed to approve the New Agreements for initial terms of two years.</P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">182</P>
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<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="tSUPI"></a>SUPPLEMENTAL INFORMATION<BR> <BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Shareholder Reports and Quarterly Portfolio Disclosure </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Fund is required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to
publicinfosec.gov. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI. </P>
<H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Premium/Discount Information </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Fund’s website at http://www.advisorshares.com. </P>
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</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">183</P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 14pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ADVISORSHARES TRUST<BR> <BR> </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt"></P>
</DIV><DIV STYLE="width: 78mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Investment Advisor</B><BR>AdvisorShares Investments, LLC<BR>2 Bethesda Metro Center, Suite 1330<BR>Bethesda, Maryland 20814 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Sub-Advisor</B><BR>WCM Investment Management<BR>281 Brooks Street<BR>Laguna Beach, California 92651 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Madrona Funds, LLC</B><BR>2911 Bond Street, Suite 105<BR>Everett, Washington 98201 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Accuvest Global Advisors</B><BR>3100 Oak Road, Suite 380<BR>Walnut Creek, CA 94597 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Cambria Investment Management, L.P.</B><BR>2321 Rosecrans Avenue, Suite 3225<BR>El Segundo, California 90245 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Ranger Alternative Management, L.P.</B><BR>300 Crescent Court, Suite 1100<BR>Dallas, Texas 75201 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Peritus I Asset Management, LLC</B><BR>26 West Anapamu, 3<sup>rd</sup> Floor<BR>Santa Barbara, California 93103 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>American Wealth Management</B><BR>570 Hammill Lane<BR>Reno, Nevada 89511 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>TrimTabs Asset Management, LLC</B><BR>2018 Stony Oak Court<BR>Santa Rosa, CA 95403 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Community Capital Management, Inc.</B><BR>2500 Weston Road, Suite 101<BR>Weston, FL 33331 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>First Affirmative Financial Network, LLC</B><BR>5475 Mark Dabling Boulevard, Suite 108<BR>Colorado Springs, Colorado 80918 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Reynders, McVeigh Capital Management, LLC</B><BR>121 High Street, 5<sup>th</sup> Floor<BR>Boston, MA 02110 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Baldwin Brothers, Inc.</B><BR>204 Spring Street<BR>Marion, MA 02738 </P>
</DIV><DIV STYLE="width: 78mm; display: inline; vertical-align: top; margin-left: 5mm; padding-left: 0mm; padding-right: 0mm"><H2 STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Newfleet Asset Management, LLC<BR> 100 Pearl Street<BR> Hartford, Connecticut 06103 </H2>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Partnervest Advisory Services, LLC</B><BR>1216 State Street, 3<sup>rd</sup> Floor<BR>Santa Barbara, CA 93101 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Pring Turner Capital Group</B><BR>1600 South Main Street, Suite 375<BR>Walnut Creek, CA 94596 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Your Source Financial, PLC</B><BR>707 E. Northern Avenue<BR>Phoenix, AZ 85020 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Commerce Asset Management, LLC</B><BR>6075 Poplar Avenue, Suite 700<BR>Memphis, TN 38119 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Distributor</B><BR>Foreside Fund Services, LLC<BR>Three Canal Plaza, Suite 100<BR>Portland, ME 04101 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Custodian/Fund Administrator/Transfer Agent</B><BR>The Bank of New York Mellon<BR>101 Barclay Street<BR>New York, NY 10286 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Legal Counsel</B><BR>Morgan, Lewis & Bockius LLP<BR>1111 Pennsylvania Ave, N.W.<BR>Washington, D.C. 20004 </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><FONT STYLE="font-size: 9.7pt">Independent Registered Public Accounting Firm</FONT></B><BR>Tait, Weller & Baker LLP<BR>1818 Market Street<BR>Philadelphia, PA 19103 </P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
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</DIV><P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>
<DIV STYLE="width: 216mm; text-align: center"><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>
</DIV><DIV STYLE="width: 161mm; display: inline; vertical-align: top; margin-left: 0mm; padding-left: 0mm; padding-right: 0mm"><P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risks, objectives, fees and expenses, experience of management and other information. </P>
<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> </P>
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<P STYLE="text-indent:0pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> </P>
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</I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I></I>
</b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Code of Ethics.</B></P>
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<TD STYLE="width: 5%; text-align: justify">(a)</td>
<TD STYLE="width: 90%; text-align: justify">The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. </td></tr>
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<TD STYLE="text-align: justify">(c)</td>
<TD STYLE="text-align: justify">There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.</td></tr>
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<TD STYLE="text-align: justify; text-indent: 0in">(d)</td>
<TD STYLE="text-align: justify; text-indent: 0in">The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Audit Committee Financial Expert.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant’s Board of Trustees
has one audit committee financial expert serving on its audit committee, an “independent” Trustee, Elizabeth Piper/Bach.
Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert”
for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being
designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee
financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations,
and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation
or identification.<B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Principal Accountant Fees and Services.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Audit Fees</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; padding-bottom: 12pt; text-align: justify"> </td>
<TD STYLE="width: 5%; padding-bottom: 12pt; text-align: justify">(a)</td>
<TD STYLE="width: 90%; padding-bottom: 12pt; text-align: justify">The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $236,300 for 2013 and $182,200 for 2012.</td></tr>
</table>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Audit-Related Fees</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; padding-bottom: 12pt; text-align: justify"> </td>
<TD STYLE="width: 5%; padding-bottom: 12pt; text-align: justify">(b)</td>
<TD STYLE="width: 90%; padding-bottom: 12pt; text-align: justify">The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2013 and $0 for 2012.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Tax Fees</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; padding-bottom: 12pt; text-align: justify"> </td>
<TD STYLE="width: 5%; padding-bottom: 12pt; text-align: justify">(c)</td>
<TD STYLE="width: 90%; padding-bottom: 12pt; text-align: justify">The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $45,900 for 2013 and $36,400 for 2012.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>All Other Fees</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; text-align: justify"> </td>
<TD STYLE="width: 5%; text-align: justify">(d)</td>
<TD STYLE="width: 90%; text-align: justify">The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2013 and $0 for 2012.</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(e)(1)</td>
<TD STYLE="text-align: justify">Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.</td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(e)(2)</td>
<TD STYLE="text-align: justify">The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:</td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(b) 100%</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(c) 100%</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(d) 100%</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(f)</td>
<TD STYLE="text-align: justify">No response required.</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(g)</td>
<TD STYLE="text-align: justify">The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2013 and $0 for 2012.</td></tr>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD>
<TD STYLE="text-align: justify"> </TD></TR>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(h)</td>
<TD STYLE="text-align: justify">Not applicable.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Audit Committee of Listed registrants.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; text-align: justify">(a)</td>
<TD STYLE="width: 90%; text-align: justify">The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the member of such committee is Elizabeth Piper/Bach and William G. McVay.</td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify">(b)</td>
<TD STYLE="text-align: justify">Not applicable.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Investments.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; padding-bottom: 12pt; text-indent: 0in; font-weight: bold"><font style="font-weight: normal">(a)</font></td>
<TD STYLE="width: 90%; padding-bottom: 12pt; text-indent: 0in; font-weight: bold"><font style="font-weight: normal">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.</font></td></tr>
<tr style="vertical-align: top">
<TD STYLE="padding-bottom: 12pt">(b)</td>
<TD STYLE="padding-bottom: 12pt">Not applicable.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-indent: -22.3pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-indent: -22.3pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><B>Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.<B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Portfolio Managers of Closed-End Management Investment
Companies.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><B>Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 11. Controls and Procedures.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; text-align: justify"> </td>
<TD STYLE="width: 5%; text-align: justify">(a)</td>
<TD STYLE="width: 90%; text-align: justify">The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</td></tr>
</table>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; text-align: justify"> </td>
<TD STYLE="width: 5%; text-align: justify">(b)</td>
<TD STYLE="width: 90%; text-align: justify">There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12. Exhibits.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<TD STYLE="width: 5%; text-align: justify"> </td>
<TD STYLE="width: 5%; text-align: justify">(a)(1)</td>
<TD STYLE="width: 90%; text-align: justify">Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.</td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-indent: 0in"> </td>
<TD STYLE="text-indent: 0in"> </td>
<TD STYLE="text-indent: 0in"> </td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(a)(2)</td>
<TD STYLE="text-align: justify">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(a)(3)</td>
<TD STYLE="text-align: justify">Not applicable.</td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<TD STYLE="text-align: justify"> </td>
<TD STYLE="text-align: justify">(b)</td>
<TD STYLE="text-align: justify">Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"> </P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B><BR>
<BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)	<U>AdvisorShares Trust</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 65.5pt"> 	 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By (Signature and Title)*	<U>/s/ Noah Hamman </U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1.5in; text-indent: 0in; text-align: justify">Noah
Hamman, Chief Executive Officer</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1.5in; text-indent: 0in; text-align: justify">(principal
executive officer)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 65.5pt"> 	 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date	<U>8/29/13</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By (Signature and Title)*	<U>/s/ Noah Hamman </U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1.5in; text-indent: 0in; text-align: justify">Noah
Hamman, Chief Executive Officer</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1.5in; text-indent: 0in; text-align: justify">(principal
executive officer)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"> 	 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date	<U>8/29/13</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"> 	 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"> 	 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By (Signature and Title)*	<U>/s/ Dan Ahrens </U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1.5in; text-indent: 0in; text-align: justify">Dan
Ahrens, Treasurer</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1.5in; text-indent: 0in; text-align: justify">(principal
financial officer)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"> 	 </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date	<U>8/29/13</U></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP> </SUP></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP></SUP></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>*</SUP> Print the name and title of each signing officer
under his or her signature.</P>
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>v352588_ex99-codeeth.htm
<DESCRIPTION>CODE OF ETHICS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-99.CODE ETH</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADVISORSHARES TRUST</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Financial Officer Code of Ethics</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD><B>Introduction</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reputation and integrity of AdvisorShares
Trust (the "Trust") are valuable assets that are vital to the Trust’s success. The Trust's senior financial officers
("SFOs") are responsible for conducting the Trust’s business in a manner that demonstrates a commitment to the
highest standards of integrity. The Trust’s SFOs include the principal executive officer, the principal financial officer,
comptroller or principal accounting officer, and any person who performs a similar function.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sarbanes-Oxley Act of 2002 (the "Act")
<FONT STYLE="color: black">effected sweeping corporate disclosure and financial reporting reform on public companies, including
mutual funds, </FONT>to address corporate malfeasance and assure investors that the companies in which they invest are accurately
and completely disclosing financial information. Under the Act, all public companies (including the Trust) must either have a code
of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees
to question and report unethical and potentially illegal business practices. The Trust has chosen to adopt this Financial Officer
Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical
conduct.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD><B>Purposes of the Code</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purposes of this Code are:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">·</FONT></TD><TD STYLE="text-align: justify">To promote honest and ethical conduct by the Trust’s SFOs, including the ethical handling
of actual or apparent conflicts of interest between personal and professional relationships;</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">·</FONT></TD><TD STYLE="text-align: justify">To assist the Trust’s SFOs in recognizing and avoiding conflicts of interest, including disclosing
to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">·</FONT></TD><TD STYLE="text-align: justify">To promote full, fair, accurate, timely, and understandable disclosure in reports and documents
that the Trust file with, or submit to, the SEC and in other public communications made by the Trust;</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">·</FONT></TD><TD STYLE="text-align: justify">To promote compliance with applicable laws, rules and regulations;</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">·</FONT></TD><TD STYLE="text-align: justify">To encourage the prompt internal reporting to an appropriate person of violations of this Code;
and</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">·</FONT></TD><TD STYLE="text-align: justify">To establish accountability for adherence to this Code.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> </B></P>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>III.</B></TD><TD><B>Questions about this Code</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust’s compliance officer designated
to oversee compliance with the Trust’s Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for
the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>IV.</B></TD><TD><B>Conduct Guidelines </B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust has adopted the following guidelines under which the
Trust’s SFOs must perform their official duties and conduct the business affairs of the Trust.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Ethical and honest conduct is of paramount importance. </B>The Trust’s SFOs must act with
honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with
the Trust in personal and professional relationships.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>SFOs must disclose material transactions or relationships.</B> The Trust’s SFOs must disclose
to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be
expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions
or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance
Officer, it should be disclosed to the Trust’s Chief Financial Officer, Chief Executive Officer or another appropriate person.
In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trust’s
SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become
aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction
or relationship is "material," you should bring the matter to the attention of the Compliance Officer.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Standards for quality of information shared with service providers of the Trust. </B>The Trust’s
SFOs must at all times seek to provide information to the Trust’s service providers (advisor, administrator, outside auditor,
outside counsel, custodian, <I>etc.</I>) that is accurate, complete, objective, relevant, timely, and understandable.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Standards for quality of information included in periodic reports. </B>The Trust’s SFOs
must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic
reports.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Compliance with laws. </B>The Trust’s SFOs must comply with the federal securities laws
and other laws and rules applicable to the Trust, such as the Internal Revenue Code.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Standard of care. </B>The Trust’s SFOs must at all times act in good faith and with due
care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.
The Trust’s SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality of information. </B>The Trust’s SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where
disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal
advantage.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Sharing of information and educational standards.</B> The Trust’s SFOs should share information
with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important
and relevant to the Trust’s needs.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Promote ethical conduct. </B>The Trust’s SFOs should at all times proactively promote
ethical behavior among peers in your work environment.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Standards for recordkeeping. </B>The Trust’s SFOs must at all times endeavor to ensure
that the Trust’s financial books and records are thoroughly and accurately maintained to the best of their knowledge in a
manner consistent with applicable laws and this Code.</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>V.</B></TD><TD><B>Waivers of this Code</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may request a waiver of a provision
of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member
works for a service provider that prepares the Trust’s financial statements, you may have a potential conflict of interest
in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of the Trust, or another
appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of
this code must be disclosed to the Trust’s shareholders to the extent required by SEC rules.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>VI.</B></TD><TD><B>Affirmation of the Code</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon adoption of the
Code, the Trust’s SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter
must affirm that they have complied with the requirements of the Code.<FONT STYLE="color: black"> </FONT>To the extent necessary,
the Trust’s Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations
or suspected violations must be reported and waivers must be requested.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>VII.</B></TD><TD><B>Reporting Violations</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that an SFO discovers or,
in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance
Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust’s senior management or the
Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or
financial statement of the Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a
way that obscures its meaning. SFOs who report violations or suspected violations in good faith will not be subject to retaliation
of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent
possible.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>VIII.</B></TD><TD><B>Violations of the Code</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dishonest or unethical conduct or conduct
that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular
conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety
of laws apply to the Trust and its operations, including the Securities Act of 1933, the Investment Company Act of 1940, state
laws relating to duties owed by Trust officers, and criminal laws. The Trust will report any suspected criminal violations to the
appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>v352588_ex99-cert.htm
<DESCRIPTION>CERTIFICATIONS
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and</B> <B>Section 302 of the Sarbanes-Oxley Act</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Noah Hamman, certify that:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of the AdvisorShares Trust;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">Date: <U>8/29/13</U></TD>
<TD STYLE="width: 50%"><U>/s/ Noah Hamman</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>Noah Hamman, Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>(principal executive officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and</B> <B>Section 302 of the Sarbanes-Oxley Act</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Dan Ahrens, certify that:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of the AdvisorShares Trust;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">Date: <U>8/29/13</U></TD>
<TD STYLE="width: 50%"><U>/s/ Dan Ahrens</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>Dan Ahrens, Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>(principal financial officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>v352588_ex99-906cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and</B> <B>Section 906 of the Sarbanes-Oxley Act</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Noah Hamman, Chief Executive Officer
of AdvisorShares Trust (the “Registrant”), certify that:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -27pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -27pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">Date: <U>8/29/13</U></TD>
<TD STYLE="width: 50%"><U>/s/ Noah Hamman</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>Noah Hamman, Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>(principal executive officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Dan Ahrens, Treasurer of AdvisorShares
Trust (the “Registrant”), certify that:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -27pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify; text-indent: -27pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">Date: <U>8/29/13</U></TD>
<TD STYLE="width: 50%"><U>/s/ Dan Ahrens</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>Dan Ahrens, Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD>(principal financial officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>